M&A Deal Summary

PNC Acquires RBC Bank

On June 20, 2011, PNC acquired financial services company RBC Bank from RBC for 3.5B USD

Acquisition Highlights
  • This is PNC’s 7th transaction in the Financial Services sector.
  • This is PNC’s 4th largest (disclosed) transaction.
  • This is PNC’s 10th transaction in the United States.
  • This is PNC’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2011-06-20
Target RBC Bank
Sector Financial Services
Buyer(s) PNC
Sellers(s) RBC
Deal Type Divestiture
Deal Value 3.5B USD

Target

RBC Bank

Raleigh, North Carolina, United States
RBC Bank (USA), Inc. is a provider of financial services and advice to individuals, businesses, and public institutions in the Southeast.

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Buyer(S) 1

Buyer

PNC

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1852
Sector Financial Services
Employees53,932
Revenue 21.5B USD (2023)
DESCRIPTION
PNC's corporate headquarters in downtown Pittsburgh, Pennsylvania.
PNC's corporate headquarters in downtown Pittsburgh, Pennsylvania.

PNC is a diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services. PNC was formed in 1922 and is based in Pittsburgh, Pennsylvania. PNC was founded in 1852 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 10 of 17
Sector (Financial Services) 7 of 11
Type (Divestiture) 1 of 3
State (North Carolina) 1 of 1
Country (United States) 10 of 17
Year (2011) 1 of 1
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-26 Sterling Financial

Lancaster, Pennsylvania, United States

Sterling Financial Corp. a bank holding company for Sterling Savings Bank, a state-chartered and federally insured commercial bank. Sterling offers banking products and services, mortgage lending, construction financing and investment products to individuals, small businesses, commercial organizations and corporations. Sterling operates 178 deposit-taking branches in Washington, Oregon, Idaho, Montana and California.

Sell $730M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-29 Solebury Capital Group

New Hope, Pennsylvania, United States

Solebury Capital Group LLC is a provider of strategic capital markets-related advice and services to corporate and financial sponsor clients.

Buy -

Seller(S) 1

SELLER

RBC

Toronto, Ontario, Canada
Category Company
Founded 1864
Sector Financial Services
Employees94,480
Revenue 56.3B CAD (2023)
DESCRIPTION

RBC provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. RBC employs approximately 78,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 38 other countries. RBC was formed in 1864 and is based in Toronto. RBC was founded in 1864 and is based in Toronto, Ontario.

DEAL STATS #
Overall 3 of 3
Sector (Financial Services) 2 of 2
Type (Divestiture) 3 of 3
State (North Carolina) 1 of 1
Country (United States) 2 of 2
Year (2011) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-11 Liberty Life Insurance

Greenville,, South Carolina, United States

Liberty Life Insurance is a provider of fixed annuity solutions to the consumers.

Sell $628M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-03 Athena Energy Group

St. Leonard, Quebec, Canada

Athena Energy Group is a natural gas supplier in Quebec. Its consisting of two sister companies, Athena Energy Marketing Inc. and Athena Energy Services Inc.

Buy -
Mergr

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