PNC to buy BBVA's U.S. banking arm for $11.6 billion in cash
Reuters
Published Nov 16, 2020 01:19AM ET
(Reuters) - PNC Financial Services Group Inc (N:PNC) said on Monday it would buy the U.S. business of Spanish lender BBVA (MC:BBVA) 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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Written By: Reuters
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