PNC Bank Sells BlackRock Holdings for Fresh Acquisition Target
(14 May 2020 – United States) PNC Bank have sold off its business holdings with the multinational asset management company BlackRock. PNC bought its BlackRock stake 25 years ago from BlackStone Group Inc and are currently BlackRock’s largest shareholders. However, this week the bank plans to liquidate its US$17 billion holding in BlackRock through a public offering.
Ultimately, this decision will provide the bank with the financial ‘cushion’ they need amid the coronavirus pandemic.
“The move enhances PNC's balance sheet and will leave the company very well-positioned to take advantage of potential investment opportunities that history has shown can arise in disrupted markets” said PNC CEO William Demchak, who is also on BlackRock's board.