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Published: Tuesday, 6/21/2011

PNC to buy U.S. unit of Royal Bank of Canada

NEW YORK — PNC Financial Services Group Inc. said Monday that it is buying the U.S. retail operations of Royal Bank of Canada for $3.45 billion.

PNC said the transaction will bring its total to 2,870 branches and make it the fifth biggest among U.S. banks. RBC Bank (USA), based in Raleigh, N.C., has 424 branches in North Carolina, Florida, Alabama, Georgia, Virginia, and South Carolina and about $25 billion of assets.



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