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PNC Seeks Approval for Dividend Boost, Share Buyback, CEO Says

Dec. 7 (Bloomberg) -- PNC Financial Services Group Inc., the sixth-largest U.S. bank by deposits, is seeking approval from regulators for a dividend increase or share buyback, said Chief Executive Officer James E. Rohr.

“Our board of directors views an increase in the dividend as a key priority,” Rohr, 62, said today at a Goldman Sachs Group Inc. investor conference in New York. “Either option would require approval from regulators and we are pursuing that as we speak.”

PNC, based in Pittsburgh, held $20.4 billion of Tier 1 common equity at the end of September, according to company filings. It’s been cutting costs and working to generate new business from the $3.9 billion acquisition of National City Corp. In October, the lender said third-quarter net income almost doubled from a year earlier to $1.1 billion.

PNC may announce an increase in its dividend as early as March, according to data compiled by Bloomberg. The bank slashed the dividend last year to 10 cents a share from 66 cents to conserve capital.

PNC rose 71 cents, or 1.2 percent, to $58.02 at 2:23 p.m. in New York Stock Exchange composite trading. The stock has climbed 10 percent this year.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.

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