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NEW YORK (MarketWatch) -- A half-dozen U.S. banks who are the principal shareholders of transaction processing firm Visa Inc. on Tuesday evening found out just what their roughly 58% stake in the firm is worth: about $10.4 billion.

Each of the six firms sold a portion of their stakes in the initial public offering and will also retain stakes.

According to researchers at Bear Stearns, the retained stakes will be carried at the $44 a share offering price, and not at market value on the banks' balance sheets "because the shares will be subject to lock-up provisions for three years or potentially longer."
The banks, J.P. Morgan Chase, Bank of America (BAC:bank of america corporation com
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Last: 38.96+0.03+0.08%

2:27pm 03/19/2008

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BAC 38.96, +0.03, +0.1%) , National City, Citigroup, (C:Citigroup, Inc
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Last: 20.46-0.25-1.21%

2:27pm 03/19/2008

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C 20.46, -0.25, -1.2%) , U.S. Bancorp and Wells Fargo (WFC:Wells Fargo & Company
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Last: 30.84-0.71-2.25%

2:27pm 03/19/2008

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WFC 30.84, -0.71, -2.2%) own 58.4% of the firm after the offering.

http://www.marketwatch.com/news/story/banks-visa-consortium-score-windfall/story.aspx?guid=%7B8868087B%2DEA01%2D40DE%2DB803%2DAD9A346ED202%7D