The deal received green light from the Federal Reserve and the Office of the Comptroller of the Currency. Separately, the Banking Departments of the States of Alabama and Texas also approved the transaction.
With all regulatory approvals now secured, the transaction is expected to close 1 June 2021.
In November 2020, PNC signed an agreement to acquire the BBVA USA Bancshares and its subsidiary BBVA USA for USD 11.6 billion. The deal is expected to create the fifth largest US commercial bank with more than USD 560 billion in assets.
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