Bbva pnc online banking series#
Since its foundation, the Institution pulled off a series of mergers and acquisitions that enabled the bank to amplify the number of services offered and grow across the U.S. history at the time, gave birth to the largest bank in Pennsylvania. The deal, which represented the largest bank merger in U.S.
PNC Financial Corp was created by the merger of Pittsburgh National and Provident National banks in 1983.
This is the target they want to achieve with this deal since PNC’s CEO underlined the importance of spreading their presence in the US to compete effectively with their largest competitors. The deal is expected to bring many advantages to PNC, since the acquisition of BBVA’s 637 unit branches will accelerate their national scale influence, making the bank a coast-to-coast national franchise. The deal (approved by both companies’ board of directors) is expected to be closed in mid-2021, subject to regulatory approvals, with a fixed purchase price of $11.6bn (€9.7bn), fully paid in cash. The transaction is considered the largest US banking acquisition since the 2008 financial crisis and will allow PNC to become America’s largest regional bank. BBVA has reached an agreement for the sale to PNC Financial Services Group of 100% of the capital stock of its subsidiary BBVA USA Bancshares.
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