PNC to Acquire Ambassador Financial Group
PITTSBURGH – PNC Bank has reached a definitive agreement to acquire Ambassador Financial Group Inc., a provider of balance sheet management, investment banking and capital markets services to banks, insurance companies and other financial institutions.
Terms were not disclosed.
Upon the closing of the transaction, AFG will become a subsidiary of PNC Bank within its 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 CEO 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.”
Adds Rob Pachence, co-founder and managing partner of AFG: “Our business model has always been to deliver strong capital markets execution with main street customer service through customized client-specific strategies and solutions. 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.”
Ambassador Financial Group Inc., founded in 2006, is headquartered in Allentown, Pa. The transaction is expected to close in the second quarter of 2019.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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