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PNC uses negotiation skill to complete RBC takeover

PNC uses negotiation skill to complete RBC takeover

21 June 2011

PNC Financial Services Group has announced a deal that will see it buy RBC Bank for $3.45 billion (£2.1 billion).

The former - which is the Royal Bank of Canada's retail banking subsidiary - has some £25 billion in assets, as well as 424 braches across six US states.

James Rohr, PNC's chairman and chief executive officer, was delighted the business negotiations have been completed, adding: "The addition of RBC Bank provides PNC a great opportunity to enter attractive south-east markets in a way that will create value for our shareholders."

He added the success of previous acquisitions highlights that the company can bring "innovative products" to the market.

Once the negotiation contracts have been signed and the agreement ratified, PNC - which has been around since the 1800s - will be the fifth largest bank in the US with 2,870 branches.

The deal is expected to be concluded in March 2012.

Posted by Edel Quinn

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