RPT-Banks line up to bid on City National -sources

Wed Mar 6, 2013 2:09pm EST
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* Spanish banks expected to bid-sources

* BB&T, PNC, TD also expected to bid-sources

* Valuation expected to be $600-$800 million-sources

By Jessica Toonkel and Jesús Aguado

NEW YORK, March 6 (Reuters) - North American and Spanish banks are lining up to bid on City National Bank of Florida over the next few days, according to sources familiar with the situation.

Banks that are expecting to bid include Canadian bank TD Bank, Winston-Salem, North Carolina-based BB&T Corp , Pittsburgh-based PNC Financial Services Group as well as Spanish banks Banco Sabadell and Banco Popular.

City National's parent, rescued Spanish lender Bankia , announced it was selling the Miami-based bank last year as part its restructuring effort. The bank has hired Goldman Sachs to sell the bank, said four sources familiar with the situation, who declined to be identified because they are not allowed to speak to the media.

Goldman is asking for between $900 million and $1 billion for the bank, the four sources said. Sources, however estimate the bank will go for closer to $600 million to $800 million. City National has $4.8 billion in assets, according to the bank's Web site.   Continued...