PNC Financial Services Group Inc. said it had to delay filing its annual report with the Securities and Exchange Commission because BlackRock Inc. delayed its own filing.
PNC owns about 23% of BlackRock; the banking company is required to include the money manager's consolidated financial statements in its annual report filing 10-K.
BlackRock bought Barclays Global Investors from Barclays PLC in December, and said in a filing with the SEC on Monday that the timing of the transaction, and its size and complexity of its operations following the transaction, makes it impossible to file its annual report by the SEC's deadline of March 1.
Because BlackRock could not file its report, PNC had to delay its own, the Pittsburgh company said in an SEC filing. PNC will file its 10-K within 15 days, it said.