PNC secures all regulatory approvals for the acquisition of BBVA US

Monday 17 May 2021 11:57 CET | News

PNC Financial Services Group has secured all regulatory approvals for its previously announced acquisition of the US unit of BBVA.

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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Keywords: regulation, acquisition, banks
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech