Announced
Completed
Financials
Tags
banking
Majority
Private
United States
Banks
Domestic
Single Bidder
Acquisition
Friendly
Completed
Synopsis
The PNC Financial Services Group, an American bank holding company and financial services corporation, completed the acquisition of BBVA USA, a US subsidiary of BBVA, a Spanish multinational financial services company, for $11.6bn. "PNC has recognized the great value of our unique client franchise and of our great team in the US, who will be part of a leading financial services group in the country. The deal enhances our already strong financial position. We will have ample flexibility to profitably deploy capital in our markets strengthening our long-term growth profile and supporting economies in the recovery phase, and to increase distributions to shareholders," Carlos Torres Vila, BBVA Group Executive Chairman.
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