PNC chairman, president and CEO William Demchak said: “We are pleased to have received regulatory approval of our acquisition that will accelerate our growth trajectory and drive long-term shareholder value. Once the deal is closed, PNC will become the fifth-largest commercial bank in the US with more than $560bn in assets and a presence in 29 of the 30 largest markets in the country. ![]() In November last year, PNC Financial agreed to acquire BBVA USA Bancshares, including its US banking subsidiary, BBVA USA, for $11.6bn.īBVA USA offers commercial and retail banking services and has 649 branches across Texas, Alabama, California, Arizona, Colorado, Florida, and New Mexico. PNC stated that the regulatory approval process also included approvals from the Banking Departments of the states of Alabama and Texas and added no further regulatory approvals are required to complete the acquisition and merger of PNC Bank and BBVA USA. The PNC Financial Services Group has secured approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency to close the acquisition of the US operations of Spanish lender BBVA. ![]() in the Penn Quarter neighborhood of Washington, D.C. Upon closing of the deal, PNC will become the fifth-largest commercial bank in the US with more than $560bn in assetsĪ PNC Bank branch, located at 301 7th Street, N.W.
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