(Source: Bloomberg By Laura Marcinek) – PNC Financial Services Group Inc. (PNC)’s $3.62 billion deal to buy Royal Bank of Canada (RY)’s U.S. retail unit thrusts the bank across the U.S. southeast, challenging local lenders hurt by the real-estate bust.PNC agreed yesterday to buy Raleigh, North Carolina-based RBC Bank USA and related credit-card assets in a deal that would add more than 420 branches in Alabama, Florida, Georgia, the Carolinas and Virginia — most of which is new retail territory for PNC. The Pittsburgh-based lender’s 2,500 outlets are primarily in the North, Midwest and Florida.
Source: Bloomberg By Laura Marcinek
Jun 20, 2011 9:00 PM PT
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