Nascar seals five-year PNC Bank deal

Pittsburgh-based firm becomes official bank of US stock car racing series.

Nascar seals five-year PNC Bank deal

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US stock car racing organisation Nascar has announced a new five-year partnership with PNC Bank.

The deal, which takes effect immediately, will see the Pittsburgh-based financial services firm become the official bank and official wealth management partner of Nascar.

The collaboration provides PNC with exclusive promotional rights around retail, corporate and private banking across the US. The company will be present at Nascar races throughout each season of the agreement to offer its services to the industry, as well as provide insights to drivers, teams, tracks and sponsors.

“PNC Bank has a trusted reputation and national reach and we couldn’t be more pleased to welcome them to our family of partners,” said Steve Phelps, executive vice president and chief global marketing, media and sales officer for Nascar. “Like many blue-chip brands, we are thrilled PNC Bank sees the value of the Nascar fan. I’m confident we’ll deliver unique opportunities for PNC to connect with our industry and diverse fan base.”

“PNC Bank has earned the reputation as a reliable and trusted financial institution with strong client relationships,” said Susan Schandel, Nascar’s senior vice president and chief financial officer. “We look forward to leveraging their capabilities and technology solutions as they become Nascar’s primary provider of banking services moving forward.”

“As we continue to focus on establishing a more powerful national presence, PNC’s new alliance with Nascar will open more avenues to build on our brand and business coast-to-coast,” added PNC chairman, president and chief executive William Demchak. “Nascar is a storied part of America that built a national fan base. Millions of Americans say they are Nascar fans, and so are we.”