PNC Financial Services said on Monday that it would acquire the U.S. business of the Spanish lender BBVA for $11.6 billion. The transaction, one of the biggest banking deals since the 2008 financial crisis, would create the nation’s fifth-largest retail lender, with more than $550 billion of assets. BBVA USA Bancshares, which is headquartered in Houston, has about $86 billion in deposits and $66 billion in loans. For PNC, it would be the latest in a string of acquisitions it has used to grow its national footprint. With its acquisition of BBVA’s business, PNC will expand into Arizona, California, Colorado, New Mexico and Texas, giving it a presence in 29 of the country’s 30 biggest markets.

Source: New York Times November 16, 2020 01:38 UTC