Fed approves PNC deal for RBC U.S. bank, card units

Mon Dec 19, 2011 9:37pm EST
 
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WASHINGTON (Reuters) - The U.S. Federal Reserve Board said on Monday it approved PNC Financial Services Group's application to buy the U.S. retail and credit card operations of Royal Bank of Canada (RY.TO: Quote).

The Fed did not release a full statement on the decision; a Fed spokesman said it would be issued later.

PNC (PNC.N: Quote) announced in June that it planned to buy RBC Bank (USA)for $3.62 billion in cash and stock, a deal that would expand Pittsburgh-based PNC's reach into the U.S. southeast. The transaction will add roughly $25 billion in assets and 424 branches to PNC's existing operations.

(Reporting By David Lawder; Editing by Leslie Adler)