PNC Financial Services (PNC) – Get Report will acquire the U.S. banking operations of Spain’s BBVA (BBVA) – Get Report for $11.6 billion in cash, making it the biggest regional bank by assets under management in the U.S.
Pittsburgh-based PNC announced Monday that it has agreed to buy Banco Bilbao Vizcaya Argentaria SA’s banking operations with cash on hand in a fixed price structure. It is expected to boost earnings by about 21% in 2022.
The deal creates the fifth-largest U.S. retail bank with more than $550 billion in assets and makes PNC the largest regional lender in the country, an area of banking that has seen intense growth via mergers and acquisitions but also intense competition.
