The nation's second-largest insurance company has set its sights on owning a bank.

Metropolitan Life Insurance Co. wants to use some of the proceeds of a planned initial public offering to buy a commercial banking company, chairman and chief executive officer Robert H. Benmosche said Monday. The company disclosed Sunday that it intends to go public next year, a move that analysts said could raise $14 billion to $20 billion. The process is expected to take a year.

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