TPG-Axon Reports Lower Stake in National City

WASHINGTON (Reuters) – TPG-Axon Capital Management reported on Thursday it owns a 3.86 percent stake, or about 81 million shares, in the common stock of regional bank National City Corp (NCC.N).

The hedge fund said in a regulatory filing that it had owned more than 5 percent of the troubled bank’s outstanding shares as of Sept. 22 but its stake has since fallen below that threshold. It did not specify when it decreased its stake.

According to a previous filing, TPG-Axon owned 14.68 million shares as of June 30. (Reporting by Karey Wutkowski; Editing by Tim Dobbyn)