WASHINGTON (dpa-AFX) - PNC Bank Monday said it has agreed to buy Ambassador Financial Group Inc. The financial details of the deal were not revealed, while the transaction is expected to close in the second quarter.
Founded in 2006, Ambassador Financial Group is headquartered in Allentown, PA. Upon the closing of the transaction, AFG will become a subsidiary of PNC Bank within the Capital Markets Financial Institutions Group in the Corporate & Institutional Banking business.
'This combination represents an opportunity to deliver tailored end-to-end solutions and positions us to offer a full product platform to banks and other financial institutions,' said Charlotte McLaughlin, president and chief executive officer of PNC Capital Markets. '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.'
'It is an exciting time for Ambassador as we are thrilled to be joining the PNC family. Our business model has always been to deliver strong capital markets execution with main street customer service through customized client-specific strategies and solutions,' said Rob Pachence, co-founder and managing partner, AFG. 'Combining our process within PNC's robust Capital Markets Financial Institutions Group resources will create a first-class platform dedicated to serving our clients' needs.'
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