PNC Buys RBC's US banks, Card Assets For $3.62B
NEW YORK (AP) _ PNC Financial Services Group Inc. said Monday that it is buying the U.S. retail operations and credit-card assets of Royal Bank of Canada for $3.62 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), based in Raleigh, North Carolina, 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, which consists of $3.45 billion for RBC's retail operations and $165 million for related credit-card assets, does not include Royal Bank of Canada's other U.S. operations providing capital markets and wealth management services.
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