The PNC Financial Services Group (NYSE: PNC) announced today that it has reached an agreement with BTM Capital Corporation to acquire the origination and servicing business of the firm’s auto leasing division, U.B. Vehicle Leasing Inc. PNC is also entering into an agreement with BTM Capital Corporation to service approximately $1.3 billion of lease receivables, previously serviced by BTM Capital.
The terms of the agreement are not being disclosed. The acquisition is expected to close in the third quarter subject to regulatory approval.
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The PNC Financial Services Group, Inc., headquartered in Pittsburgh, is one of the largest diversified financial services organizations in the United States providing regional banking, corporate banking, real estate finance, mortgage banking, secured finance, private banking, asset management and processing services.
BTM Capital Corporation is a $1.2 billion subsidiary of The Bank of Tokyo-Mitsubishi, Ltd. and manages assets in excess of $3 billion. BTM Capital is headquartered in Boston, Mass., and has offices in San Francisco, Calif., London, England (New Boston Partners Limited), and Shannon, Ireland (Engine Lease Finance Corporation). During 1999, BTM Capital originated and structured $4.3 billion of financings and, for the 5th consecutive year, achieved a number one industry ranking in lease-related private placements.
