PNC Financial Services Group Inc PNC.N said on Monday it would buy the U.S. business of Spanish lender BBVA BBVA.MC for $11.6 billion in cash, further consolidating the U.S. banking sector.

It is the second-largest U.S. banking deal since the 2008 financial crisis and creates a U.S. bank with nearly $560 billion of assets and a presence in two dozen states.