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PNC Buys Riggs
PNC Financial Services Group has bought the troubled Riggs National Corp for $779 million. Riggs, which has agreed to pay a $25 million fine...
PNC Financial Services Group has bought the troubled Riggs National Corp for $779 million. Riggs, which has agreed to pay a $25 million fine amid allegations of possible violations of US money laundering laws, provides commercial and retail banking services at 50 branches in metropolitan Washington. PNC will pay $24.25 a share, a 7 per cent premium.
