PNC Bank has won approval from Canada’s Office of the Superintendent of Financial Institutions (OSFI) for a licence to expand commercial banking services across Canada.
Established as a Canadian commercial lending foreign bank branch in Toronto in 2001, PNC Bank Canada Branch (PNC Canada) will now extend its Canadian commercial banking capabilities to include deposits and a range of treasury management services for Canadian companies and US companies doing business in Canada.
In addition to its principal office in Toronto, PNC Canada has offices and staff in Calgary, Montreal and Vancouver.
“Canada is America’s largest trading partner today,” said Mike Lyons, executive vice president (EVP) and head of corporate and institutional banking at PNC. “We are better serving our customers by expanding PNC services in Canada and addressing their cross-border financing and banking needs,”
As a full-service branch, PNC Canada capabilities include:
- Treasury management services: To manage Canadian receivables and payables, including multiple lockbox sites across Canada, and to complement US PNC products and services.
- Credit Options: Canadian and US dollar revolvers, letters of credit (LCs), term loans and asset-based loans.
- Lending: To cross-border businesses whether parent or subsidiaries are based in the US or Canada.
- Equipment finance: For a wide variety of industries and businesses of all sizes in the US and Canada.
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