Financial, market and economic news

PNC To Buy Spanish Bank BBVA’s US Unit In $11B Deal

PNC Financial Services Group Inc (NYSE: PNC) announced late Sunday it has agreed to absorb Spanish bank Banco Bilbao Vizcaya Argentaria SA’s (NYSE: BBVA) U.S. business in an $11 billion all-cash deal.

What Happened: BBVA USA’s operations amount to $104 billion in assets and the sale will raise proceeds of over $11 billion for the bank, the two companies said in a joint statement.

Currently, BBVA U.S. has a presence …

Full story available on Benzinga.com

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