By Shira Ovide Associated Press
In a major expansion push for Pittsburgh’s PNC Financial, the bank is buying RBC’s U.S. banking operations for $3.45 billion. (The total purchase of $3.62 billion also includes PNC’s $165 million deal for credit-card loans.)
PNC shares are a fraction lower in early trading.
Here’s a look at the early Wall Street reaction to the deal.
BMO: “The deal is disappointing to us because of two reasons: 1) PNC is paying very close to [tangible book value], which seems somewhat rich given that RBC’s US bank has posted losses for the past