Pnc

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Replied by Wanderer on topic Re: Pnc

It's over. PNC purchased the Royal Bank of Canada according to the USA Today Online Internet Friday, July 29, 2011.

NEW YORK (AP) — PNC said Monday that it is buying the U.S. retail operations of Royal Bank of Canada for $3.45 billion.

PNC said that the transaction will bring its total to 2,870 branches and make it the fifth biggest among U.S. banks. RBC Bank (USA) has 424 branches and about $25 billion of assets. PNC Chairman and CEO James Rohr said in a statement that the RBC acquisition will give PNC access to "attractive southeast markets in a way that will create value for our shareholders." The deal adds about $19 billion of deposits and $16 billion of loans based on RBC Bank (USA) balances as of April 30. The deal does not include Royal Bank of Canada's other U.S. operations providing capital markets and wealth management services.

RBC President and CEO Gordon Nixon said in a statement that RBC is fully committed to the U.S. market. He said the deal allows it to concentrate efforts on growing its wealth management and capital market services, which are the two largest components of its U.S. businesses. PNC has also agreed to buy certain credit card assets of RBC Bank, (Georgia) National Association. RBC says that it will receive $165 million for the credit card assets.
8 years 2 months ago #1

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Replied by Wanderer on topic Re: Pnc

It is a fact:

PNC to buy RBC U.S. Bank, card units for $3.6 billion CHARLOTTE, N.C./TORONTO, June 20, 2011 (Reuters) — PNC Financial Services Group Inc
said on Monday it plans to buy Royal Bank of Canada's U.S. retail bank operations and credit card business for $3.62 billion, expanding the bank into the U.S. Southeast. As written up on the NewsDaily on line 07-14-11.
8 years 2 months ago #2

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Replied by Wanderer on topic Re: Pnc

Isn't RBS looking to do the same thing with their US holdings? I know at the end of the last year my Fry's 123 rewards changed from RBS to US Bank.


Your memory serves you right. I found the following comments in Reuters Online Thu Jun 9, 2011

"RBS has already cut back its global banking unit since the financial crisis, when it was bailed out by UK taxpayers, and turned its back on riskier leveraged financing, typically used to fund large private equity-led buyouts. But the bank is still one of the top corporate lenders in Europe."

It seems the Europeans have financial banking strains as well. GE Capital is looking to buy RBS's vehicle leasing unit.

We may NOT be out of the woods on banks and banking. The Greeks had their Moody's rating dropped three levels and the big "Bankruptcy" is looming. Frankly, the world is financially challenged as we lived beyond our means unrestrained for many years. Sooner or later it had to come home to roost.
8 years 3 months ago #3

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Replied by kdb030609 on topic Re: Pnc

It happended. So much for rumors. One more bank absorbed. According to the Wall Street Journal Online dated


Isn't RBS looking to do the same thing with their US holdings? I know at the end of the last year my Fry's 123 rewards changed from RBS to US Bank.
8 years 3 months ago #4

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Replied by ColoNative on topic Re: Pnc

It happended. So much for rumors. One more bank absorbed. According to the Wall Street Journal Online dated


Geez. I didn't even realize RBC was attempting to sell especially considering that they just entered the US market within the last few years. Along with HSBC this will be the 2nd foriegn bank to leave the US. Meanwhile, PNC is getting bigger. They got National City for a song during the Great Recession.....
Bank of Montreal quietly owns Harris Bank in Illinois and has for decades.
8 years 3 months ago #5

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was created by Wanderer

It happended. So much for rumors. One more bank absorbed. According to the Wall Street Journal Online dated: June 18, 2011

BY DAN FITZPATRICK, MATTHIAS RIEKER AND DAVID BENOIT

NEW YORK—PNC Financial Services Group Inc. won the bid for Royal Bank of Canada's U.S. retail banking business, according to a person with knowledge of the matter. A deal is expected to be announced soon, that person said. The bidding for RBC Bank of Raleigh, N.C., came down to two bidders, PNC of Pittsburgh, and BB&T Corp. of Winston-Salem, N.C.
8 years 3 months ago #6

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