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PNC gets licence for Canada operations

PNC Financial Services Group, the second-largest U.S. regional bank, is expanding its commercial banking services in Canada. The Canada’s Office of the Superintendent of Financial Institutions approved PNC to take deposits and offer lending, credit and trust management services for domestic firms and U.S. companies operating in the country. PNC Canada was established as a commercial lending foreign bank branch in Toronto in 2001. PNC, the sixth-biggest U.S. commercial bank by assets, is following the lead of some larger peers including Wells Fargo & Co. The biggest U.S. mortgage lender said it added bankers in Canada in November 2012 to increase its equipment-financing and capital-finance operations. PNC will provide more services to existing clients as they expand and is not looking to compete with large Canadian firms.

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