Hong Kong (CNN Business)PNC (PNC)is spending billions to cement its place among America’s largest banks.
The Pittsburgh-based lender announced Monday that it was acquiring the American unit of Spanish financial group BBVA (BBVA) for $11.6 billion.
The deal “significantly accelerates PNC’s national expansion strategy,” PNC said in a statement.
BBVA’s US subsidiary has over $100 billion in assets, and operates more than 630 branches in seven US states.
PNC said the deal would give it “a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the US.”
The deal is all-cash. It’s expected to close in mid-2021 pending regulatory approval.
— This is a developing story that will be updated.
