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In the push for more noninterest income, regional banks have expanded their investment banking divisions, including capital markets and M&A advisory. Regions Financial has the most challenging task, as it rebuilds after divesting Morgan Keegan.
August 21 -
A generation shift could also create issues for community banks that are in search of fee income.
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Regional and small banks are providing M&A advisory services to their commercial customers as a way to drive fee income, deepen client relationships and differentiate themselves from rivals.
July 31
PNC Financial Services in Pittsburgh has agreed to buy Solebury Capital Group.
Solebury is a consulting firm in Stamford, Conn., that focuses on taking companies public. Fred Solomon, a PNC spokesman, said the deal should close Wednesday.
Solomon did not disclose the financial terms, but said the $316 billion-asset company doesn't expect the cost to be material.
The acquisition would strengthen the services offered by Harris Williams & Co., PNC's investment advisory business. "What it will do is enable PNC to offer advisory services to private-equity sponsors without offering credit," Solomon said.
In addition to its consulting business, Solebury provides investor relations services, including analyst outreach and investor communications.
Solebury did not immediately respond to a request for comment.
The news was first reported by the
