Pittsburgh-based PNC Financial Services Group will acquire the U.S. retail banking business of Royal Bank of Canada (RBC) for $3.45 billion, The Wall Street Journal reports. Post the deal, PNC will be the owner of 426 RBC branches in Florida, North Carolina, Alabama and other Southeastern states.
PNC’s rival regional bank BB&T was the other contender for the RBC operations. Bank of America Merrill Lynch served as the adviser for PNC, while JP Morgan Chase advised RBC.
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