PNC Bank to invest nearly $1bn to renovate and expand its US branch network
US banking heavyweight PNC Bank plans to invest nearly $1 billion in its branch network with the aim to open more than 100 new branches and renovate more than 1,200 current locations by 2028.
PNC to invest nearly $1bn in its branch network
PNC says the initiative has been set in motion in a bid to provide customers with greater access to banking services, with new branches set to open in “key locations” such as Miami, Houston, San Antonio, Austin, Dallas, and Denver, among others.
Once all new locations have been completed, it will leave PNC with approximately 2,400 physical branches along with more than 60,000 ATMs across the US.
Speaking on the rationale for the company’s investment, Alex Overstrom, head of PNC Retail Banking, claims that “whether to finance a home, deposit a check, or save for retirement, our customers count on our 15,000 branch team members to support their holistic financial needs.
“By investing in our network, we are supporting our customers, our team members, and the communities where we live and work,” adds Overstrom.
The news comes a week after fellow US bank Chase announced its own plans to open more than 500 new branches and renovate more than 1,700 existing locations across the country by 2027 as part of a “multi-billion dollar commitment” to provide greater access to banking.
