PNC to buy US unit of Spain’s BBVA bank for $11.6 billion
NEW YORK (AP) — PNC Financial Services Group says it is buying the U.S. subsidiary of Spain’s BBVA bank for $11.6 billion in cash. BBVA’s U.S. operations are based in Houston, Texas. They have $104 billion in assets and operate 637 branches, mainly in the south and southwest of the country. PNC is based in Pittsburgh, Pennsylvania, and is largely a regional bank. The deal would give it a presence across the U.S. Shares in BBVA jumped more than 15% in Madrid on Monday. Those in PNC were up 1.8% in premarket trading.