PNC Bank to Acquire Ambassador Financial Group
15 January 2019 - 9:54AM
Dow Jones News
By Stephen Nakrosis
PNC Bank on Monday said it reached an agreement to acquire
Ambassador Financial Group Inc., a FINRA registered
broker-dealer.
Terms of the agreement weren't disclosed.
Ambassador Financial provides balance sheet management,
investment banking and capital markets services to banks, insurance
companies and other financial institutions, PNC said.
Upon the closing of the transaction, which is expected to take
place in the second quarter of this year, Ambassador Financial will
become a subsidiary of PNC Bank.
"We look forward to expanding our advisory services with
enhanced merger and acquisition and capital markets capabilities in
the financial institutions group space, and deepening relationships
with clients," said Charlotte McLaughlin, president and chief
executive officer of PNC Capital Markets.
PNC Bank is a member of PNC Financial Services Group Inc.
(PNC).
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 14, 2019 17:39 ET (22:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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