PNC to Acquire BBVA
Pittsburgh-based PNC Financial Services Group has won regulatory approval for its acquisition of Birmingham-based BBVA USA, Business Alabama recently reported. Both banks have many branches across Mobile and Baldwin counties. The deal, which would make PNC the nation’s fifth-largest bank, is expected to close June 1. It is valued at an estimated US$11.6 billion. “We are pleased to have received regulatory approval of our acquisition that will accelerate our growth trajectory and drive long-term shareholder value,” William S. Demchak, PNC chairman, president and CEO, said. BBVA customers are to transition to PNC in October.
Read More
Subscribe to our weekly newsletter
Sign up here for free to get Bay Business News email newsletter every Friday.
By subscribing, you agree to our User Agreement and Privacy Policy & Cookie Statement.