"Insider Rumors" PNC eyeing Capital One Retail Branches

[Blackbeauty212]

Originally Posted by Hopes

The watercooler isn't always right. PNC might have briefly entertained the idea when approached, then quickly discarded it.

I work in the industry Hopes.....This has been floating around for while now, PNC has been in talk for quite some time now with Capital One even before the RBC merger. For some reason PNC/Cap One wasn't able to close but PNC moved forward with RBC, but they're still sniffing around Cap One and again Cap One wants out, everyone in the industry knows this, they want to focus on their Credit Card division.

PNC plans are to become a solid national brand of Retail Banking.....Think of a nationwide network like that BofA or Chase without the huge Mortgage or Investment arms those 2 have. A Capital One take over makes plenty of sense for where PNC is trying to go.

Now whether PNC is going to try for a West Coast play is anyone's guess... I don't see it but they would need to be that national brand like that of BofA, Chase, Citi, and Wells Fargo.

[Hopes]

Originally Posted by Blackbeauty212

I work in the industry Hopes.....

You're not alone. I believe Capital One wants out of retail. I'm not buying that PNC is ready to pounce.

Originally Posted by Blackbeauty212

PNC plans are to become a solid national brand of Retail Banking...A Capital One take over makes plenty of sense for where PNC is trying to go.

I don't agree. A Capital One takeover mostly strengthens position in existing areas. If you compare the regions, they overlap entirely except for two. If PNC wants to expand nationally, it would do well to focus on banks with branches in other areas. This sounds more like a lot of sniffing around, waiting for a bargain basement deal, to strengthen existing areas instead of a plan to run with the big boys in the near future.

[Blackbeauty212]

Originally Posted by Hopes

You're not alone. I believe Capital One wants out of retail. I'm not buying that PNC is ready to pounce.

I agree it won't make an announcement until sometime in 2013, after the RBC Takeover is behind them a good bit.

Rohr probably made his statement to cool any rumors that could prematurely move stock prices...

Originally Posted by Hopes

I don't agree. A Capital One takeover mostly strengthens position in existing areas. If you compare the regions, they overlap entirely except for two. If PNC wants to expand nationally, it would do well to focus on banks with branches in other areas. This sounds more like a lot of sniffing around, waiting for a bargain basement deal, to strengthen existing areas instead of a plan to run with the big boys in the near future.

I said in my OP PNC is looking to strengths its brand...

Originally Posted by Blackbeauty212

This could be huge for jobs in the Burgh....From what I'm hearing around the watercooler PNC wants a stronger presence in the NY market as well as to strengthen is brand in DC market which buying Capital One Retail Branches will give them both. As well Capital One as a significant TX presence as well that would bring PNC there.

A Capital One takeover fits their agenda to a tee.

[Hopes]

Originally Posted by Blackbeauty212

A Capital One takeover fits their agenda to a tee.

I missed that part of your previous post. I agree with that. I disagreed with your statements that PNC's goal (with this acquisition) is to become a nation-wide retail bank.