Nov 8 (Reuters) - PNC Bank said on Friday it

will increase its investment in branch expansion by an

additional $500 million to open over 100 new locations and

renovate 200 existing ones, doubling down on efforts to reach

customers through physical locations.

WHY IT'S IMPORTANT

Though digital banking and online payment solutions have

reduced reliance on in-branch banking in recent years, some U.S.

lenders continue to invest in their brick-and-mortar presence to

boost deposit share.

Banking industry executives also cite a physical presence in

the community as crucial for building customer relationships,

retaining deposits, ensuring compliance and acquiring small

business clients.

BY THE NUMBERS

Its total investment on the expansion is now about $1.5

billion and is aiming to open more than 200 new branch locations

in 12 cities across the U.S. over the next five years.

PNC, which operates the fourth largest branch network in the

U.S. with more than 2,200 locations, also said it will complete

the renovations of 1,400 existing branches over the same period.

KEY QUOTES

"While we offer our clients a variety of different ways to

interact with us, our branches continue to be the heartbeat of

our retail franchise," said Alex Overstrom, PNC's head of retail

banking.

WHAT'S NEXT

The additional investment is set to significantly expand

PNC's branch network throughout Atlanta, Charlotte, Orlando,

Phoenix, Raleigh and Tampa.