The Pittsburgh-based lender is buying the American unit of Spanish financial groupfor $11.6 billion, the companies said Monday. BBVA's US subsidiary has over $100 billion in assets, and operates more than 630 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. JPMorgan CEO Jamie Dimon last month cautioned that the US economy could shrink again in the fourth quarter, highlighting the risks facing lenders. PNC said it expects the deal to add about 21% to its earnings in 2022 and deliver cost savings in excess of $900 million. The deal is expected to close in the middle of 2021, pending regulatory approval.

Source: CNN November 16, 2020 08:48 UTC