Demchak said in a statement.īBVA’s US-listed stock price surged more than 18 percent in premarket trading to $4.43 on news of the deal allowing it to offload its struggling American subsidiary, BBVA USA Bancshares, which runs 637 branches in seven states including Arizona, Texas, California and Florida. “This transaction is an opportunity to navigate our future from a position of strength, accelerating PNC’s national expansion strategy while drawing on our experience as a disciplined acquirer,” PNC CEO William S. The deal is expected to close in the middle of next year. The combined company will have a presence in two dozen states and combined assets of nearly $560 billion, allowing PNC to pass US Bancorp as the nation’s seventh-largest bank by total assets. The cash acquisition will expand Pittsburgh-based PNC’s retail presence while pulling BBVA out of the US altogether in the second-largest US banking deal since the 2008 financial crisis that sparked the Great Recession.
JPMorgan beats expectations with $14B profit boosted by First Republic acquisitionĪmerican bank PNC has reached a deal to buy Spanish finance giant BBVA’s US business for $11.6 billion, the companies announced Monday. Healthy US consumers shrug off recession concerns, for now
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