PNC could sell BBVA’s US operations for $ 11 billion

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The Wall Street Journal and Financial Times reported that the talks would change the ownership of the Birmingham-based BBVA USA.

In a brief WSJ report posted on Sunday evening, PNC Financial Services Group Inc. is in talks to buy the US arm of Spanish-based BBVA. The Wall Street Journal reports that “people are familiar with this.”

Published by the Financial Times A similar report He said all the cash and the $ 11 billion deal would be announced on Monday.

BBVA, which represents Banco Bilbao Whiskey Argentina, acquired the Birmingham-based Compass Banshires in 2007 and in 1964 returned to the founding of the Central Bank & Trust Company. The company changed its name from BBVA to Compass and later to BBVA USA.

When BBVA USA branded launched in 2019, A new logo appears on top of Daniel’s building in BirminghamThe company said it has 644 branches in the US. 89 in Alabama. This May, BBVA announced that it had processed the USA About $ 3.3 billion in pandemic-related small business loans In two months.

PNC Financial Services Group operates in Pittsburgh. Accordingly Recent report from personal finance site bankrate.comPNC is the seventh largest bank in the United States with $ 455 billion in assets. The Financial Times said PNC would become the fifth largest retailer of assets once the transaction is completed.

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