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PNC Financial (PNC) to Sell Latin American Accounts to Insigneo
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The PNC Financial Services Group, Inc. (PNC - Free Report) has entered into a definite agreement with a leading global wealth management firm, Insigneo, to sell the Latin American consumer brokerage and investment accounts of PNC Investments, PNC Managed Account Solutions, and PNC Bank.
Going forward, PNC will continue to support the U.S. banking needs of its international clients moving to Insigneo. Also, it will be retaining the deposit and loan accounts of its customers with brokerage assets and assets under management which are being sold to the wealth management firm.
PNC Financial has been growing through various strategic initiatives. In September 2022, it closed the buyout of Linga, a POS and payment solutions firm, in a bid to expand corporate payments capabilities in the hospitality and restaurant industry space. These efforts aid the company to diversify its business mix as well as support top-line growth.
Apart from such inorganic growth moves, PNC Financial has been undertaking restructuring activities to enhance the efficiency and effectiveness of its operations. Last week, it announced the introduction of PNC Asset Exchange, an online loan resource and marketplace for financial institutions. With this, PNC will be expanding its capital market capabilities and investing in solutions to meet clients’ evolving strategic needs.
Such efforts will aid PNC Financials’ organic growth in the upcoming period. Also, with higher interest rates, the company’s net interest income and margins are positioned to grow. However, a rise in expenses, specifically due to investment in such capabilities, is likely to limit bottom-line growth.
Over the past six months, shares of PNC have lost 24.9% compared with a decline of 10.7% of the industry it belongs to.
LPL Financial Holdings (LPLA - Free Report) has announced a definitive agreement to acquire the wealth management business of Crown Capital Securities, L.P. This marks a significant step for both LPLA and Crown Capital and is expected to be finalized in early 2024, pending regulatory approval and customary closing conditions.
Crown Capital is a full-service broker-dealer and registered investment advisor based in Orange County, CA. Founded in 1999, the firm has roughly 260 financial advisors supporting approximately $6.5 billion of advisory and brokerage assets. The services provided include investment management, estate planning, risk management, education planning, corporate benefits, full-service brokerage and alternative investments.
SEI Investments (Europe) Limited, a subsidiary of SEI Investments (SEIC - Free Report) , has announced a deal to acquire the outstanding equity of XPS Pensions (Nexus) Limited, the principal employer and scheme funder of National Pensions Trust, from XPS Pensions Group PLC. This strategic acquisition is aimed at bolstering SEIC's financials and enhancing its competitive position in the defined contribution market.
Total cash consideration for the acquisition is up to £42.5 million, with an initial payment of £35 million at closing and deferred consideration of up to £7.5 million over two years, subject to post-closing performance measurements. The transaction, expected to be completed before the year-end, is subject to regulatory approval and customary closing conditions.
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PNC Financial (PNC) to Sell Latin American Accounts to Insigneo
The PNC Financial Services Group, Inc. (PNC - Free Report) has entered into a definite agreement with a leading global wealth management firm, Insigneo, to sell the Latin American consumer brokerage and investment accounts of PNC Investments, PNC Managed Account Solutions, and PNC Bank.
Going forward, PNC will continue to support the U.S. banking needs of its international clients moving to Insigneo. Also, it will be retaining the deposit and loan accounts of its customers with brokerage assets and assets under management which are being sold to the wealth management firm.
PNC Financial has been growing through various strategic initiatives. In September 2022, it closed the buyout of Linga, a POS and payment solutions firm, in a bid to expand corporate payments capabilities in the hospitality and restaurant industry space. These efforts aid the company to diversify its business mix as well as support top-line growth.
Apart from such inorganic growth moves, PNC Financial has been undertaking restructuring activities to enhance the efficiency and effectiveness of its operations. Last week, it announced the introduction of PNC Asset Exchange, an online loan resource and marketplace for financial institutions. With this, PNC will be expanding its capital market capabilities and investing in solutions to meet clients’ evolving strategic needs.
Such efforts will aid PNC Financials’ organic growth in the upcoming period. Also, with higher interest rates, the company’s net interest income and margins are positioned to grow. However, a rise in expenses, specifically due to investment in such capabilities, is likely to limit bottom-line growth.
Over the past six months, shares of PNC have lost 24.9% compared with a decline of 10.7% of the industry it belongs to.
Image Source: Zacks Investment Research
PNC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Expansion Efforts by Other Banks
LPL Financial Holdings (LPLA - Free Report) has announced a definitive agreement to acquire the wealth management business of Crown Capital Securities, L.P. This marks a significant step for both LPLA and Crown Capital and is expected to be finalized in early 2024, pending regulatory approval and customary closing conditions.
Crown Capital is a full-service broker-dealer and registered investment advisor based in Orange County, CA. Founded in 1999, the firm has roughly 260 financial advisors supporting approximately $6.5 billion of advisory and brokerage assets. The services provided include investment management, estate planning, risk management, education planning, corporate benefits, full-service brokerage and alternative investments.
SEI Investments (Europe) Limited, a subsidiary of SEI Investments (SEIC - Free Report) , has announced a deal to acquire the outstanding equity of XPS Pensions (Nexus) Limited, the principal employer and scheme funder of National Pensions Trust, from XPS Pensions Group PLC. This strategic acquisition is aimed at bolstering SEIC's financials and enhancing its competitive position in the defined contribution market.
Total cash consideration for the acquisition is up to £42.5 million, with an initial payment of £35 million at closing and deferred consideration of up to £7.5 million over two years, subject to post-closing performance measurements. The transaction, expected to be completed before the year-end, is subject to regulatory approval and customary closing conditions.