American bank PNC has reached a deal to buy Spanish finance giant BBVA’s US business for $11.6 billion, the companies announced Monday.
The cash …
American bank PNC has reached a deal to buy Spanish finance giant BBVA’s US business for $11.6 billion, the companies announced Monday. The cash acquisition will expand Pittsburgh-based PNC’s retail presence while pulling BBVA out of the US altogether in the second-largest US banking deal since the 2008 financial crisis that sparked the Great Recession. The combined company will have a presence in two dozen states and combined assets of nearly $560 billion, allowing PNC to pass US Bancorp as the nation’s seventh-largest bank by total assets. The deal is expected to close in the middle of next year.
