#1
2nd March 2016, 04:19 PM
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PNC Bank RBC Merger
Hello, I want to know the details of the merger of the PNC bank and RBC bank. Please provide me.
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#2
2nd March 2016, 05:10 PM
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Re: PNC Bank RBC Merger
Hello, here I am providing you the details of the merger of the PNC bank and RBC bank as under: About PNC bank: PNC Financial Services Group, Inc. is an American financial services corporation, with assets (as of December 31, 2014) of approximately $345.2 billion. PNC operations include a regional banking franchise operating primarily in nineteen states and the District of Columbia with more than 2,700 branches, online and mobile services together with 8000 ATMs, specialized financial businesses serving companies and government entities, and asset management and processing businesses. RBC Bank On June 19, 2011, PNC agreed to purchase RBC Bank from Royal Bank of Canada for $3.45 billion. With 426 branches total, RBC Bank has a significant presence in southern Virginia, North Carolina, South Carolina, Georgia, Alabama, and Florida. Of these regions, PNC had existing branches only in Florida which were rebranded when the National City merger occurred. Although announced over a month before the Flagstar Bank deal, the sale of RBC Bank did not close until on March 2, 2012, three months after the Flagstar deal. BB&T, which later acquired the parts of BankAtlantic that PNC did not buy, was also in talks to acquire RBC Bank. PNC entered the growing markets in the Southeastern U.S., such as Birmingham, Charlotte, Norfolk/Virginia Beach (Hampton Roads), Mobile, North Florida, Richmond, Greensboro/Winston-Salem (Piedmont Triad), and Raleigh/Durham (Research Triangle). At the same time, it expands PNC's presence in South Florida, Tampa Bay Area to Orlando, and Atlanta. This acquisition filled a gap in PNC's market footprint between northern Virginia and central Florida, adding about 900,000 customers and 483 ATM locations. It made PNC the fifth-largest bank by branches behind Wells Fargo, Bank of America, Chase, and U.S. Bank and the sixth-largest by total assets behind the aforementioned four banks and Citibank. Key people Jim Rohr (Chairman) William S. Demchak (CEO) Revenue Decrease US$ 14.326 billion (2011)[1] Operating income Increase US$ 4.069 billion (2011)[1] Net income Decrease US$ 3.071 billion (2011) |