PNC's agreement to buy the Royal Bank of Canada's U.S. retail segment reflects its goal of expanding its geographic footprint, The Charlotte Observer reports.
Meanwhile, PNC bulked up its Midwestern footprint by agreeing to snap up Cleveland-based National City Corp. at the height of the financial crisis. Now it's poised to enter four new Southeastern states, including the Carolinas, and more than double its branches in the key state of Florida.
In a conference call with analysts, PNC chief executive James Rohr stressed the bank's ability to improve customer satisfaction and revenue with its recent deals, including the 2005 purchase of Riggs National in Washington, D.C. "We have a proven track record," Rohr said.
Original source: The Charlotte ObserverRead the full story here.