Business News

PNC Bank buys $16.6 billion capital commitment portfolio from Signature Bridge Bank

Reuters
Reuters
Branch of PNC Bank, a subsidiary of PNC Financial Services Group, in Washington

(Reuters) – PNC Financial Services’ banking unit said on Tuesday that it had bought a portfolio from Signature Bridge Bank representing $16.6 billion in total commitments, including $9 billion of funded loans, through an agreement with the Federal Deposit Insurance Corporation as receiver.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Anil D’Silva)

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