PNC’s Purchase of RBC Retail Unit Approved by Federal Reserve
Central bank officials approved the transaction today, according to a statement on the agency’s website. The Fed didn’t disclose reasons for its decision.
PNC, based in Pittsburgh, agreed in June to pay $3.62 billion in cash and stock for Raleigh, North Carolina-based RBC Bank USA to add more than 420 branches and related credit-card assets. The deal may close in March 2012, PNC has said.
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