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PNC To Pay $3.4B For RBC U.S. Retail Unit
Pittsburgh-based PNC Financial Services Group will acquire the U.S. retail banking business of Royal Bank of Canada (RBC) for $3.45 billion.
Pittsburgh-basedPNC Financial Services Groupwill acquire the U.S. retail banking business ofRoyal Bank of Canada(RBC) for $3.45 billion,The Wall Street Journalreports. Post the deal, PNC will be the owner of 426 RBC branches in Florida, North Carolina, Alabama and other Southeastern states.
PNC’s rival regional bankBB&Twas the other contender for the RBC operations.Bank of America Merrill Lynchserved as the adviser for PNC, while摩根大通(JP Morgan Chase)advised RBC.
Click here for the story fromThe Wall Street Journal.
Click here for additional coverage fromBloomberg.