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Buildings are seen in the financial district in Toronto, January 28, 2013.
Buildings are seen in the financial district in Toronto, January 28, 2013.
(Mark Blinch/Reuters)

With low loonie, PNC bets on cross-border banking

The dropping Canadian dollar has made Canada a more attractive place to do business, and U.S. lender PNC Financial Services Group Inc. is expanding its commercial business north of the border to capture the trade flow.

Pittsburgh-based PNC, the sixth-largest U.S. bank by deposits, said Tuesday that the Office of the Superintendent of Financial Institutions (OSFI) had granted its approval to expand its commercial banking services to a full-service Schedule III bank in Canada. PNC will be allowed to take deposits as well as make loans. The bank will also offer treasury management and equipment finance services.