China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
PNC buy of National City approved with conditions
WASHINGTON (Reuters) - PNC Financial Services Group (PNC.N) won Justice Department approval to buy National City Corp NCC.N with some conditions, making it the nation's fifth-largest bank, the department said on Thursday.
PNC had said in October that it would buy Cleveland-based National City for about $4 billion.
PNC said in a government filing in November that its shareholders would vote on the deal on December 23 and that it expected the merger to close by year's end.
As a condition of the merger, PNC will sell 61 National City branch offices in western Pennsylvania with deposits totaling $4.1 billion. Once the merger is complete, PNC will have about $289 billion in assets and $180 billion in deposits.
PNC must also sell about half of the lending National City does in Pittsburgh for business customers and others whose lending needs are about $1 million. Virtually all of that business in Erie County would also be sold.
The merger must also be approved by the Federal Reserve.
(Reporting by Diane Bartz; Editing by Gary Hill)
