PNC plans $1 billion investment to expand, renovate branch network

(Reuters) - PNC Bank said on Wednesday it is planning to invest roughly $1 billion to open more than 100 new branches and renovate over 1,200 existing locations through 2028.

"Through this investment, PNC will build and open new branches in key locations ... improving the convenience and reach of its coast-to-coast branch network," the bank said.

The lender, under the PNC Financial Services Group, currently has about 2,300 brick-and-mortar locations across the United States.

Shares in PNC were up 0.9% in morning trading.

Though digital banking and online payment solutions have reduced dependence on in-branch banking in recent years, some U.S. lenders have continued to invest in their brick-and-mortar presence to improve their deposit share.

Earlier this month, JPMorgan Chase, the largest U.S. bank by assets, also announced it was embarking on one of its most aggressive bank branch expansions in recent years, with plans to add more than 500 new U.S. locations by 2027.

Rival Bank of America has also been adding branches. U.S. banks closed 123 branches and opened 80 in October, bringing the total number of active bank branches at the end of the month to 77,690, according to the latest data available from S&P.

(Reporting by Manya Saini in Bengaluru and Nupur Anand in New York; Editing by Nick Zieminski)