Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On April 8, 2024, Visa launched the first of its previously announced exchange offers allowing holders of the currently restricted outstanding shares of Visa Class B-1 common stock to exchange all or a portion of such shares for equal parts of Visa Class B-2 common stock and Visa Class C common stock, and cash in lieu of any fractional shares. The exchange period is set to close on or about May 3, 2024. Following the closing of this initial exchange offer, and acceptance by Visa of PNC’s request to fully participate in the exchange program, PNC would be able to liquidate 50 percent of its holdings in Visa during the second and third quarters of 2024 by transferring newly held Visa Class C common stock in certain transactions where such stock would convert into publicly traded Visa Class A common stock, which could then be sold in market transactions, subject to certain timing restrictions. The Visa Class B-2 common stock PNC receives in the initial exchange offer would remain subject to the same restrictions currently imposed on the Visa Class B-1 common stock. Participation in the exchange requires PNC to agree to a make-whole agreement that subjects PNC to the same indemnity obligations to Visa as are currently present. PNC has tendered its Class B-1 common stock to fully participate in the exchange program.