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The transatlantic economy generates close to $5 trillion in total commercial sales a year and employs up to 15 million workers in mutually “on shored” jobs on both sides of the Atlantic. According to the U.S. Census Bureau, U.S. exports to Europe totaled nearly $318.5 billion in 2016 and imports more than $483.4 billion. Those numbers are already rising in 2017.
Although Brexit may be top of mind, market instability, negative interest rates and currency volatility are important challenges for companies doing business in the continent and the UK. PNC provides on-the-ground support and insight to help U.S. companies navigate the day-to-day challenges of doing business in this essential market.
PNC’s London office provides updates on doing business in the market, regulatory changes and analysis and referrals for essential treasury management services. The office also makes strategic introductions to accounting firms, law firms and economic development offices to help you facilitate business set-up and expansion.
PNC’s Multicurrency Account Plus offering is an enhanced multicurrency account that provides U.S.-based organizations and their subsidiaries conducting business in Europe access to an International Bank Account Number (IBAN). This IBAN facilitates the collection of the Euro (EUR Account Plus) and/or Great British Pound (GBP Account Plus) via local payment systems in Europe.
PINACLE, PNC’s top-rated corporate online and mobile banking portal, gives you access to account reporting, initiation of international and domestic wire transfers from accounts held at PNC and other foreign banks, and USD-equivalent balances for foreign currency accounts. You can also enter ad hoc rates for sensitivity analysis.
Through a network of key banks located in Europe, PNC’s Gateway Services serves as an intermediary between you and the selected bank to streamline the account opening process and reduce the impact of language and regulatory barriers. You can access reporting and make transfers via PINACLE®.
PNC can introduce you to correspondent banks that can meet your local bank account needs in Europe and around the world.
Exchange rate fluctuations may increase the cost of international goods and/or reduce the value of foreign currency revenue, which can significantly impact your budget. On the other hand, sourcing or selling products or services in a foreign currency, rather than U.S. dollars, may be advantageous and can help improve your competitive position.
PNC Business Credit UK is a leading provider of cash flow lending and second lien financing. We believe most companies have strengths that may never appear on a balance sheet or an income statement. Our flexible capital solutions can help you meet your goals.
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Harris Williams, an investment bank specializing in M&A advisory services, collaborates as one firm to advise and advocate for clients worldwide through critical milestones and during the lives of their business to strategically create value.
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Transatlantic Economy 2014, http://transatlantic.sais-jhu.edu/publications/books/TA2014/TA2014_Vol_1.pdf
Foreign exchange and derivative products are obligations of PNC Bank, Member FDIC and a wholly owned subsidiary of PNC. Foreign exchange and derivative products are not bank deposits and are not FDIC insured, nor are they insured or guaranteed by PNC Bank or any of its subsidiaries or affiliates.
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