BBVA has agreed to sell its US subsidiary to PNC for an approximate price of $ 11.6 billion in cash. This was reported from the official BBVA website.
Carlos Torres Vila, President of BBVA, stated: “This is a great operation for all parties. PNC has recognized the tremendous value of our business, our customers and our great team in the US that will be part of a leading financial group in the country”.
He then added: “The agreement strengthens our already strong financial position. This gives us a lot of flexibility to invest profitably in our markets – drive our long-term growth and support economies in recovery – as well as increase shareholder compensation. “
As they declared In the United States, BBVA is represented in the Sunbelt region with more than $ 100 billion in assets, 637 offices and positions in Texas, Alabama and Arizona.
“”Upon completion, PNC, based 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 office through which BBVA will continue to provide corporate and investment banking services to its large corporate and institutional clients. In addition, BBVA maintains a representative office in San Francisco and the mutual fund in “Fintech” Propel Venture Partners, which is described in detail by BBVA
“The acquisition will accelerate our growth path and provide long-term shareholder value,” said William S. Demchak, PNC President and CEO.
“This operation is an opportunity to move into the future from a position of strength, accelerate PNC’s expansion, and leverage our experience in acquisitions. We are extremely excited to bring our leading technology as well as our innovative products and services to new markets and customers. This brings together the commitment of both banks to create different high-performance teams and to support the communities in which we operate, ”he later added.
You might be interested in: