PNC to Buy U.S. Operations Division of Spanish Bank BBVA

PNC Bank

Spanish bank BBVA (BBVA) agreed to sell its U.S. firm, BBVA USA Bancshares, to PNC Financial Services Group (PNC) for $11.6 billion, on Nov. 16.

Headquartered in Houston, Texas, BBVA USA Bancshares manages around -$104 billion in assets. Its banking subsidiary, BBVA USA, operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. The new bank will have a coast-to-coast presence in 29 of the country's 30 largest markets, PNC said.

According to Reuters, the cash-only deal is the second-largest U.S. banking acquisition since the 2008 financial crisis. Additionally, this acquisition values PNC at 19.7 times its 2019 earnings and 1.34 times its book value as of September 2020. The price of the deal represents nearly 50% of BBVA's current market capital...

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