Fed approves acquisition of BBVA’s U.S. banking arm by PNC
© Reuters. BBVA bank logo is pictured in Bogota, Colombia February 14, 2020. REUTERS/Luisa Gonzalez By Pete Schroeder
WASHINGTON (Reuters) – The U.S. Federal Reserve said on Friday it had approved the acquisition of the U.S. operations of Spanish lender BBVA (MC:BBVA) by PNC Financial Services Group Inc (NYSE:PNC), clearing the way for a deal first announced in November.
The $11.6 billion cash acquisition will be the second largest since the 2008 financial crisis when completed, creating a bank with nearly $650 billion in assets spread across roughly two dozen U.S. states.
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