PNC Buying Deal-Making Firm

FeaturesDow Jones Newswires

PNC is strengthening its deals business by buying private M&A advisory company Fortis Advisors.

The bank didn't disclose the financial terms of the deal, which is expected to close in February. Upon closing, Fortis will become a subsidiary of PNC and the company said it sees the acquisition as an opportunity to increase fee income and deposits.

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PNC shares rose 0.9% to $146.35 during premarket trading.

Write to Imani Moise at

(END) Dow Jones Newswires

December 20, 2017 09:36 ET (14:36 GMT)