December 20, 2011 / 2:42 AM / in 6 years

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

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.

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

PNC PNC.N 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

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