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PNC to buy BBVA's U.S. banking arm for $11.6 billion in cash

Published 11/16/2020, 01:19 AM
Updated 11/16/2020, 01:20 AM
© Reuters. BBVA bank logo is pictured in Bogota

(Reuters) - PNC Financial Services Group Inc (N:PNC) said on Monday it would buy the U.S. business of Spanish lender BBVA (MC:BBVA) for $11.6 billion in cash, further consolidating the U.S. banking sector.

It is the second-largest U.S. banking deal since the 2008 financial crisis and creates a U.S. bank with nearly $560 billion of assets and a presence in two dozen states.

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