PNC Financial Services Group Inc., the second-largest U.S. regional bank, is expanding its commercial banking services in Canada.
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 said today in a statement. PNC Canada was established as a commercial lending foreign bank branch in Toronto in 2001, the Pittsburgh-based company said.
"Canada is America's largest trading partner today," Mike Lyons, executive vice president and head of corporate and institutional banking at PNC, said in the statement. "We are better serving our customers by expanding PNC services in Canada and addressing their cross-border financing and banking needs."
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's principal Canada office is in Toronto, and it also has offices in Calgary, Montreal and Vancouver. PNC Canada deposits aren't insured by the Canada Deposit Insurance Corp., PNC said in the statement.