-bsp-bb-link state=”{“bbHref”:”bbg://securities/PNC%20US%20Equity/CACS”,”_id”:”0000018a-f5ed-d074-ab9f-ffed2d110000″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>PNC Financial Services Group Inc. bought a $16.6 billion portfolio of capital-commitments facilities, mostly to private equity sponsors, that were arranged by failed Signature Bank.
The portfolio includes $9 billion of funded loans, and the purchase is being funded with cash on hand, Pittsburgh-based PNC said in a statement Tuesday. The acquisition from the -bsp-bb-link state=”{“bbHref”:”bbg://securities/3688Z%20US%20Equity”,”_id”:”0000018a-f5ed-d074-ab9f-ffed2d120000″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>Federal Deposit Insurance Corp. — appointed as receiver of Signature Bank in March — is expected to add to PNC’s earnings immediately, representing about 10 cents a share in the fourth quarter, the buyer said.
Signature was seized by the New York State Department of Financial …
Source: news.bloomberglaw.com
