About the Company
Headquartered in Pittsburgh, Pennsylvania, the PNC Financial Services Group Inc., or simply PNC, is a bank holding company and financial services corporation. It operates as a leading diversified financial services firm in Delaware, New Jersey, Kentucky, Ohio, etc. PNC Financial Services shares started trading on the New York Stock Exchange (NYSE) on November 16, 1975, under the ticker symbol of PNC. PNC Financial Services shares are also a component of the S&P 500 index. Some of the principal subsidiaries of this company include PNC Bank N.A., PNC Advisors N.A., PNC Bancorp, Inc, PNC Bank Capital Securities, LLC, PNC Holding LLC, PNC Capital Leasing, LLC, PNC Worldwide, Inc., etc.
The operations of PNC Financial Services are segregated into several divisions. These include Retail Banking, Corporate & Financial Institutions, Asset Management Group and BlackRock. The Retail Management segments of PNC Financial Services provide deposit, lending, credit card brokerage, cash management and investment management products and services to consumers and small businesses. Through the Retail Management segment, the company serves nearly 8 million customers and small businesses. The Corporate & Financial Institutions look after lending, treasury management and capital market-oriented products and services. Also, this segment offers services to mid-sized and large corporations, governments and non-profit units. The Asset Management Group focuses on personal wealth management of premium clients and institutional asset management. The BlackRock segment of PNC Financial Services functions as a publicly-traded investment management firm that provides a wide range of investment, risk management and technology services to retail and institutional customers.
PNC Financial Services was established in 1983 when Pittsburgh National Corp. and Provident National Corp. merged. The merger of these two banks was considered as the largest bank merger in American banking history.
PNC Financial Services’ operations continued to grow through a number of acquisitions over the years. From 1991 to 1996, the company acquired several smaller banks and financial institutions that expanded its business operations, and it started to function in the New York Metropolitan area. In 1998, PNC acquired Hilliard Lyons for $275 million. In 2005, the company acquired Riggs National Corporation of Washington, making it one of the largest banks in the Washington area. Of all the acquisitions to date, the largest acquisition by PNC Financial Services was in 2020 when it purchased BBVA USA Bancshares for $11.6 billion. Also, the largest revealed sale of PNC Financial Services occurred in 2010 when it sold Sterling Financial to Thomas H. Lee Partners. The deal was closed at a price of $730 million. In 2020, PNC Financial Services ranked 131st on Forbes’ list of the Best Employers for Veterans. Also, it ranked 73rd on the category of Best Employers for New Grads 2020. PNC Financial Services ranked 151st on the Fortune list of 500 companies in 2020.;
Organisation | PNC Financial Services Group Inc |
Industry | Banks—Regional |
HeadQuarters | Pittsburgh, PA |