PNC Bank to Acquire Ambassador Financial Group

   By Stephen Nakrosis

PNC Bank on Monday said it reached an agreement to acquire Ambassador Financial Group Inc., a FINRA registered broker-dealer.

Terms of the agreement weren't disclosed.

Ambassador Financial provides balance sheet management, investment banking and capital markets services to banks, insurance companies and other financial institutions, PNC said.

Upon the closing of the transaction, which is expected to take place in the second quarter of this year, Ambassador Financial will become a subsidiary of PNC Bank.

"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," said Charlotte McLaughlin, president and chief executive officer of PNC Capital Markets.

PNC Bank is a member of PNC Financial Services Group Inc. (PNC).

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

January 14, 2019 17:39 ET (22:39 GMT)

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