ASSOCIATED PRESS: Bank of New York Mellon Corp. said Tuesday it is acquiring the global investment servicing business of PNC Financial Services Group Inc. for $2.31 billion in cash. ..
PNC was among the better regional bank performers during the financial crisis, buying struggling rival National City Corp. in a 2008 deal that made the Pittsburgh-based bank the nation’s fifth-largest by assets. PNC received government bailout funds to help assist with the National City deal.
The sale of Global Investment Servicing Inc. could help the bank pay back some of the $7.6 billion in bailout funds. PNC’s Rohr has made repayment a goal for 2010.
