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PNC to buy RBC for $3.45bn

Financial Times - Jun 20, 2011

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PNC will buy the Royal Bank of Canada’s US retail banking unit for $3.45bn in a deal that will expand the US bank’s presence in the south.

The acquisition of RBC Bank’s 420 branches across the south-eastern US will make Pittsburgh-based PNC the country’s fifth-largest bank by branches, with 2,870. The deal is valued at a $112m discount to RBC’s tangible book value.

“The addition of RBC Bank provides PNC a great opportunity to enter attractive southeast markets in a way that will create value for our shareholders,” said James Rohr, PNC chief executive, in a statement on Monday.

PNC expects the deal to be accretive to earnings by the end of 2013. PNC will take on about $19bn in deposits and $16bn in loans. Merger and integration costs are expected to be about $322m.

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- Posted: 2011-06-20 09:33:41

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