Nov. 16 (UPI) — PNC Financial Services Group has agreed to buy the U.S.-based sector of the Spanish financial group BBVA for $11.6 billion, the firms said Monday.
Officials said the deal expands Pittsburgh-based PNC’s reach to 29 of the 30 largest markets in the United States by adding more than 600 BBVA branches in several states.
“Our acquisition of BBVA USA will accelerate our growth trajectory,” PNC Chairman William S. Demchak said in a statement.
“We are excited to bring our industry-leading technology and innovative products and services to new markets and clients.”
The deal is expected to close by the middle of next year, when BBVA branches will acquire the PNC name and be merged into the new banking platform.
“This is a very positive transaction for all sides,” BBVA Executive Chairman Carlos Torres Vila said in a statement.
The $11.6 billion given for the deal represents nearly 50% of BBVA’s market capitalization.