Subject category:
Strategy and General Management
Published by:
IBS Case Development Center
Length: 13 pages
Data source: Published sources
Share a link:
https://casecent.re/p/19160
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Abstract
Known as ''the most important bank in the most important city in the world'', Riggs National Corporation witnessed a steep downfall in 2004 when it was accused of money laundering activities. It was alleged that Riggs had carried out unfair transactions with the embassies of Saudi Arabia and Equatorial Guinea. In May 2004, Riggs National settled the charges by paying $25 million to the regulatory authorities of the US. In July 2004, Pittsburgh-based PNC Financial Services Group Inc, offered to acquire Riggs at twice its book value. The case explores the reasons behind the fall of Riggs National, the American banking icon, and the opportunities and challenges that might be faced by PNC Financial once it acquires Riggs National.
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Abstract
Known as ''the most important bank in the most important city in the world'', Riggs National Corporation witnessed a steep downfall in 2004 when it was accused of money laundering activities. It was alleged that Riggs had carried out unfair transactions with the embassies of Saudi Arabia and Equatorial Guinea. In May 2004, Riggs National settled the charges by paying $25 million to the regulatory authorities of the US. In July 2004, Pittsburgh-based PNC Financial Services Group Inc, offered to acquire Riggs at twice its book value. The case explores the reasons behind the fall of Riggs National, the American banking icon, and the opportunities and challenges that might be faced by PNC Financial once it acquires Riggs National.