PNC Financial opens up commercial banking services in Canada

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.