PNC Financial gets regulatory nod for $11.6bn acquisition of BBVA USA

The PNC Financial Services Group has secured key regulatory approvals in the US needed for wrapping up the previously announced $11.6 billion acquisition of BBVA USA Bancshares.

The approvals to the all-cash deal signed in November 2020 were granted by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.

Also included in the regulatory approval process are approvals from the Banking Departments of the States of Alabama and Texas.

According to PNC Financial Services, no other regulatory approvals are needed for closing the acquisition and merger of PNC Bank and BBVA USA.

The acquisition is expected to close on 1 June 2021, subject to the meeting of customary closing conditions.

PNC Financial Services, the owner of PNC Bank, to acquire BBVA USA Bancshares for $11.6bn. Photo courtesy of Carl Lewis/Wikimedia Commons.

After the closing of the deal, PNC Bank is expected to become the fifth largest commercial bank in the US with more than $560 billion in assets and a presence in 29 of the 30 largest markets in the country.

William S. Demchak – PNC Financial Services Group chairman, president, and CEO said: “We are pleased to have received regulatory approval of our acquisition that will accelerate our growth trajectory and drive long-term shareholder value.

“With common cultures and values and a shared commitment to our customers, employees and communities, we look forward to bringing PNC’s industry-leading technology and innovative products and services to new markets and clients.”