Friday, February 28, 2014

PNC opens public finance office in Charlotte

PNC Capital Markets has opened a public finance office in Charlotte as it seeks to compete for municipal bond business with the likes of Bank of America and Wells Fargo.

The move puts PNC investment bankers on the ground in Charlotte, which PNC sees as key to helping it grow market share in the region, particularly as it tries to capture more municipal bond business.

Municipal bonds are used to fund projects for governmental bodies and nonprofits. Such projects include the construction of schools, roads, bridges and hospitals. In Charlotte, PNC is hoping to underwrite such bonds.

PNC Capital Markets is part of Pittsburgh-based PNC Financial Services Group, which has bank branches in the Charlotte region. Federal market share data show PNC Bank 12th in the region for deposits.

On Friday, PNC Capital Markets said it is expanding its public finance operation across the Southeast. In addition to Charlotte, PNC has opened a public finance office in Atlanta and New York, the company said Friday.

The Charlotte office is at 4720 Piedmont Row Drive, where the bank also has headquarters for its western North Carolina operation. David Fischer will be managing director for the Charlotte office, where he will oversee the municipal bond business for the Carolinas and other parts of the Southeast.

Although PNC announced the Charlotte public finance office Friday, it actually opened Feb. 5, the bank said.