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PNC to buy BBVA’s U.S. banking arm for $11.6 billion in cash

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PNC to buy BBVA’s U.S. banking arm for $11.6 billion in cash

By btcfieldcom November 21, 2020November 21, 2020

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.

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