for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Deals

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

FILE PHOTO: BBVA bank logo is pictured in Bogota, Colombia February 14, 2020. REUTERS/Luisa Gonzalez

(Reuters) - PNC Financial Services Group Inc PNC.N said on Monday it would buy the U.S. business of Spanish lender BBVA BBVA.MC 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.

Reporting by Shubham Kalia in Bengaluru; Editing by Anil D’Silva

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up