PNC Financial opens up commercial banking services in Canada

Thursday 27 February 2014 08:00 CET | News

PNC Bank, a subsidiary of US-based PNC Financial Services, has received a licence issued by Canadas Office of the Superintendent of Financial Institutions, on behalf of the Canadian authorities, to offer commercial banking services for the Canadian citizens.

The license enables PNC Financial to provide financial services both to existing customers in Canada as well as to US clients having business operations in the respective country. In addition to lending, the company will now provide clients with deposits as well as offer a wide range of treasury management services.

The Canadian economy has been relying on trade, the engine behind the country’s economic progress. The country’s economy recorded a constant increase over the past few quarters as economic factors like GDP and rate of unemployment demonstrate. Even more, due to the trade relation between US and Canada, PNC Financial will be able to provide its customers with cross-border financing and banking needs of customers.

PNC Financial is active in commercial lending and seen as a foreign bank by the Canadian authorities with offices in Toronto, Calgary, Montreal and Vancouver.

The Canadian economy is influenced by domestic banks like The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, and Royal Bank of Canada.

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Keywords: PNC Bank, PNC Financial, banking services, Canada, cross-border financing
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce