Fed approves acquisition of BBVA’s U.S. banking arm by PNC
5:36 pm Friday, May 14th, 2021
By Pete Schroeder
WASHINGTON (Reuters) – The U.S. Federal Reserve said on Friday it had approved the acquisition of the U.S. operations of Spanish lender BBVA by PNC Financial Services Group Inc, clearing the way for a deal first announced in November.
The $11.6 billion cash acquisition will be the second largest since the 2008 financial crisis when completed, creating a bank with nearly $650 billion in assets spread across roughly two dozen U.S. states.
(Reporting by Pete Schroeder; Editing by Leslie Adler)
