PNC Financial Services Group Inc said it was winding down Market Street Funding LLC, an investment vehicle that issues short-term debt to fund credit facilities for the bank's clients.The decision is part of a strategy to diversify and extend PNC's borrowing base in light of ongoing regulatory developments, the company said in a filing with the U.S. Securities and Exchange Commission. ()A PNC spokesman told Reuters that the regulatory developments mentioned in the filing relate to liquidity coverage ratios, which determine how much liquid assets financial institutions can hold.As part of the wind-down, commitments and outstanding loans of Market Street will be assigned to PNC Bank. Market Street had $5.9 billion of commercial paper outstanding as of June 30, PNC said in the filing.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 0.83% or $-0.16/share to $19.11. In the past year, the shares have traded as low as $17.57 and as high as $21.99. On average, 27344 shares of FISI exchange hands on a given day and today's volume is recorded at 13943.
The PNC Financial Services Group, Inc. (PNC) is a financial service company. Shares of PNC fell by 0.22% or $-0.16/share to $73.19. In the past year, the shares have traded as low as $53.36 and as high as $77.93. On average, 2260250 shares of PNC exchange hands on a given day and today's volume is recorded at 2075173.
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