PNC Financial Services Group is nearing an all-cash deal to buy the US business of Spanish banking group BBVA for more than USD 10 billion, according to Reuters.
It would be the second-largest US banking deal since the 2008 financial crisis and create a US bank with nearly USD 560 billion of assets and a presence in two dozen states, according to Reuters.
The move underscores how a loosening of financial regulations and lowering of corporate taxes under President Donald Trump has emboldened regional lenders to pursue scale through deal making, the online publication continues.
Both banks have been in talks about a deal for the last few weeks, and decided to press on following the outcome of the 3 November 2020 US presidential election because they believe the regulatory environment will not change with Democrat Joe Biden as President and the Republicans likely controlling the US Senate, the sources said for Reuters.
PNC and BBVA did not immediately respond to requests for comment.
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