Monday, June 27News That Matters


PNC to buy U.S. operations of Spanish bank BBVA for $11.6 billion

An ATM is shown at company headquarters for the PNC Financial Services at One PNC Plaza in Pittsburgh, Pennsylvania.Getty ImagesSpanish financial group BBVA has agreed to sell its U.S. business, BBVA USA Bancshares, to PNC Financial Services Group for $ 11.6 billion, the American firm announced Monday.Headquartered in Houston, Texas, BBVA USA Bancshares has $ 104 billion in assets under management, with banking subsidiary BBVA USA operating 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. The new company will have a coast-to-coast presence in 29 of the 30 largest markets in the U.S., PNC said Monday.The all-cash deal is the second-largest U.S. banking acquisition since the 2008 financial crisis, according to Reuters, and values the American...