(Bloomberg) -- PNC Financial Services Group Inc. Chief Executive Officer Bill Demchak said the Biden administration's stance on financial-industry consolidation will create challenges for large-scale bank deals in the near future.
“The political environment for scale acquisition, and the regulatory environment is going to be challenging for a period of time,” Demchak said Tuesday at an investor conference hosted by Barclays Plc. Even so, he still sees opportunity for his firm.
“Inside of that tough environment, I continue to think that smaller institutions will struggle to remain relevant, and therefore are going to be for sale,” he said.
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PNC completed its takeover of Banco Bilbao Vizcaya Argentaria SA's U.S. business in June, an $11.6 billion transaction announced last year that PNC says makes it the fifth-largest U.S. bank by assets. Smaller U.S. lenders have been partnering up to compete with firms such as JPMorgan Chase & Co. and Bank of America Corp., which are moving into new states and spending billions annually on digital offerings.
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