PNC Plans $1-B Investment To Expand, Renovate Network

PNC Bank said it is planning to invest roughly $1 billion to open more than 100 new branches and renovate over 1,200 existing locations through 2028, as reported by Manya Saini for Reuters.

Shares in PNC were up 0.9% in morning trading. I Photo: Dclemens1971 Wikimedia Commons

"Through this investment, PNC will build and open new branches in key locations, improving the convenience and reach of its coast-to-coast branch network," the bank said.

The lender, under the PNC Financial Services Group (PNC.N), currently has about 2,300 brick-and-mortar locations across the United States.

Shares in PNC were up 0.9% in morning trading.

Though digital banking and online payment solutions have reduced dependence on in-branch banking in recent years, some US lenders have continued to invest in their brick-and-mortar presence to improve their deposit share.

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