The Wall Street Journal and Financial Times have reported that talks could lead to a change in ownership for Birmingham-based BBVA USA.
According to a brief WSJ report posted Sunday evening, PNC Financial Services Group Inc. is in talks to buy the U.S. arm of Spanish-based BBVA. The Wall Street Journal report was attributed to “people familiar with the matter.”
Financial Times published a similar report saying that an all-cash, $11 billion deal could be announced Monday.
BBVA, which stands for Banco Bilbao Vizcaya Argentaria, bought Birmingham-based Compass Bancshares in 2007, acquiring a company whose roots in the state went back to the founding of the Central Bank & Trust Co. in 1964. The company changed its name to BBVA Compass and later to BBVA USA.
When the BBVA USA branding was rolled out in 2019, with a new logo appearing atop the Daniel Building in downtown Birmingham, the company said it had 644 branches in the U.S. including 89 in Alabama. This May, BBVA USA said it had processed about $3.3 billion in pandemic-related small business loans in two months.
PNC Financial Services Group is based in Pittsburgh. According to a recent report from personal finance site bankrate.com, PNC is the seventh-largest bank in the United States, with assets of $455 billion. Financial Times said the transaction, if completed, would make PNC the fifth largest U.S. retail bank by assets.
"sold" - Google News
November 16, 2020 at 08:10AM
https://ift.tt/32JUskf
BBVA’s US operations could be sold to PNC for $11 billion, reports state - AL.com
"sold" - Google News
https://ift.tt/3d9iyrC
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "BBVA’s US operations could be sold to PNC for $11 billion, reports state - AL.com"
Post a Comment