PNC Bank Joins IBOS Banking Association
PNC Bank, the sixth-largest depository bank by assets and one of the largest treasury management providers in the US, has joined International Banking One Solution (IBOS) Banking Association, the international banking alliance focused on providing corporate customers with international cash management solutions.
IBOS is a banking association which fosters inter-bank cooperation. The IBOS network is based on its 12 members and their subsidiaries, each of which is a leading supplier of local banking services in their domestic markets. IBOS provides corporate customers access to competitive local services at the IBOS bank in each country, offering local in-country accounts.
“During the economic downturn, our corporate customers have sought new markets, trading partners or acquisitions outside of the US. PNC has invested significantly to expand our cash management capabilities to address their cross-border banking needs,” said James Graham, chief executive officer (CEO) of treasury management for PNC, who will also serve on the IBOS board of directors. “This alliance enhances our ability to connect our customers to the entire IBOS network of banks and provide in-country accounts and multicurrency balance reporting without having to build or acquire a brick-and-mortar presence around the globe.”
IBOS is currently active in 28 countries and is expanding; its members include Santander, HSBC France, Intesa SanPaolo, KBC, Nordea, RBS, and UniCredit Bank.