BBVA has agreed to sell its US subsidiary to PNC for a price of around $11.6 billion, in cash
BBVA has agreed to sell its subsidiary in the United States to PNC for a price of approximately $11.6 billion, in cash. This was announced on BBVA’s official website.
Carlos Torres Vila, Chairman of BBVA, said: „This is a great operation for all parties. PNC has recognized the enormous value of our business, our clients and our great team in the United States, which will be part of a leading financial group in the country“.
He added: „The agreement strengthens our already strong financial position. It gives us a lot of flexibility to invest profitably in our markets – boosting our long-term growth and supporting economies in the recovery phase – as well as to increase shareholder remuneration.
In the United States, they explained, BBVA is present in the Sunbelt region, with more than $100 billion in assets, 637 branches and positions in Texas, Alabama and Arizona.
„Once the operation is completed, PNC – headquartered in Pittsburgh, Pennsylvania – will become the fifth largest bank in the country by assets. The transaction excludes the broker dealer (BBVA Securities) and the New York branch, through which BBVA will continue to provide corporate and investment banking services to its large corporate and institutional clients. In addition, BBVA will maintain a representative office in San Francisco and the investment fund in Fintech, Propel Venture Partners.
„The acquisition will accelerate our growth trajectory and bring long-term crypto bull review value to the shareholder,“ said William S. Demchak, president and CEO of PNC.
„This transaction is an opportunity to move forward from a position of strength, accelerating PNC’s expansion, by leveraging our acquisition experience. We are very pleased to be able to bring our leading technology and innovative products and services to new markets and customers, bringing together the commitment that both banks share to build diverse, high-performance teams and support the communities where we operate,“ he added.