November 17, 2020
The PNC Financial Services Group and Banco Bilbao Vizcaya Argentaria, S.A. have signed a definitive agreement for PNC to acquire Houston-based BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA. The $11.6-billion purchase will be funded with cash on hand.
BBVA USA Bancshares, with $104 billion in assets, provides commercial and retail banking services through its banking subsidiary BBVA USA and operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. More than half are in Texas.
When combined with PNC’s existing footprint, the company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the U.S.
“Our acquisition of BBVA USA will accelerate our growth trajectory and drive long-term shareholder value through a strategic deployment of the proceeds from the sale of our BlackRock investment,” said William S. Demchak, PNC’s chairman, president and CEO.
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