Daily Management Review

PNC Bank to invest $1B in network expansion over 5 years and open more than 100 branches


PNC banking Services Group, which includes American PNC Bank, plans to invest $1 billion over the course of five years to upgrade its branch network.

The bank stated in a statement that it specifically intends to open more than 100 new branches in large cities like Austin, Dallas, Denver, Houston, Miami, and San Antonio.

Furthermore, almost 1,200 branches will receive updates and renovations.

There are currently over 2,300 PNC branches all over the United States.

In Wednesday's trade, the price of PNC Financial's stock grew by 1.2%. The banking group's market value decreased by 8.1% to $59.4 billion over the previous year, while the S&P 500 stock index increased by more than 20%.

source: cnbc.com