PNC to buy US unit of Spain’s BBVA bank for $11.6 billion
4 years, 1 month ago

PNC to buy US unit of Spain’s BBVA bank for $11.6 billion

Associated Press  

NEW YORK — PNC Financial Services Group Inc. said Monday it is buying the U.S. subsidiary of Spain’s BBVA bank for $11.6 billion in cash. BBVA’s U.S. operations, which are based in Houston, Texas, have $104 billion in assets and operate 637 branches, mainly in the south and southwest of the country. “Our acquisition of BBVA USA will accelerate our growth trajectory and drive long-term shareholder,” said William Demchak, PNC’s president, chairman and CEO. PNC, based in Pittsburgh, Pennsylvania, is largely a regional bank and the deal would give it a presence across the U.S. Mergers and acquisitions of big banks have declined greatly since the financial crisis in 2008.

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