PNC bank will acquire the US branch of the Spanish bank, according to ‘The Wall Street Journal’
The PNC group is in advanced talks to acquire the US subsidiary of the Spanish bank BBVA, as it has advanced this Sunday afternoon The Wall Street Journal. The agreement, which according to the newspaper could be valued at more than 10 billion dollars, would constitute one of the largest acquisitions in the sector since the financial crisis. Contacted by EL PAÍS, a BBVA spokesperson declined to comment on the operation.
The deal would result in the fifth largest retail bank in the United States, according to the Journal. After the acquisition in 2007 of Compass Bancshares, the subsidiary of the Spanish bank in the United States, based in the city of Birmingham (Alabama), it has more than 600 branches and 100,000 million dollars in assets in the country, especially the Southwest and Southeast.
PNC, based in Pittsburg, Pennsylvania, has a market value of just $ 50 billion, following the sale this year of its stake in BlackRock. With the acquisition of BBVA United States, it would significantly expand its commercial and retail banking business. Both banks have branches in the southeast of the country, which could be made redundant.
Since the 2008 crisis, which led to stricter regulations for banking, there have been few acquisitions in the sector. Even less operations aimed at increasing the physical presence of branches, when the retail business has significantly moved to online.