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PNC Financial Services To Buy Royal Bank of Canada Unit For $3.45 Billion-Reuters


Sunday, 19 Jun 2011 07:23pm EDT 

Reuters reported that PNC Financial Services has agreed on Sunday to buy Royal Bank of Canada's U.S. retail bank operations for $3.45 billion. PNC is also buying a $165 million credit card portfolio from RBC. PNC has the option to give RBC up to $1 billion in stock and the rest in cash for the deal, but the exact composition will not be known until later, the source said, adding that the deal is expected to close in the first quarter of next year. 

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