Bank Vows to Use Y2k 'Peace Dividend' for IT

FRAMINGHAM (04/12/2000) - National City Corp. has promised to use its Y2k "peace dividend" for increased technology spending, CEO David Daberko said at the bank's annual shareholders meeting yesterday.

In a speech to stockholders in the Cleveland-based bank holding company, Daberko said the company's renewed emphasis on technology is already being realized through several initiatives, including a recent upgrade to its consumer online banking services, a new Web site for its Private Investment Advisors investment services unit and new systems for its leasing and syndication groups.

"We can now use the peace dividend from Y2k to move to a new level of investment," said Daberko. He didn't say how much money was involved or what new projects were being earmarked.

In addition, this week marks the opening of the National City Institute -- a training facility for new employees.

National City achieved record profits for the ninth consecutive year in 1999, the company reported in a press release yesterday. Daberko said first-quarter results for 2000 would be announced, on schedule, within the next few days

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