(Reuters) -U.S. lender PNC said on Friday it will be opening more than 300 new branches by 2030, adding about 100 locations to its earlier plan as it looks to expand its in-person banking footprint.
Even as digital banking and online payments have lowered the need for frequent branch visits, several U.S. lenders are still expanding their physical networks to strengthen their deposit base.
Banking executives say having branches in local communities remains important for building customer trust, holding on to deposits, meeting regulatory expectations and bringing in small business clients.
The new announcement takes PNC’s total investment to roughly $2 billion and brings the expansion plans to nearly 20 markets including Nashville, Chicago and Sarasota across the United States.
Last November, the lender had announced it will increase investment in branch expansion by an additional $500 million to open over 100 new locations and renovate 200 existing ones.
PNC reaffirmed its plan to complete the renovation of its entire branch network by 2029. It also said it plans to hire more than 2,000 new employees to support the retail expansion.
(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)
Comments