PNC completes $ 11.6 billion acquisition of BBVA USA – Business Journal Daily
PITTSBURGH, Pa .– PNC Financial Services Group has completed its $ 11.6 billion acquisition of BBVA USA Bancshares, making PNC the fifth largest commercial bank in the country.
PNC now has more than $ 560 billion in assets and a presence in 29 of the country’s 30 largest markets. BBVA USA – the US branch of the Spanish financial institution, one of the world’s largest banks – has more than 600 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas .
“Our acquisition of BBVA USA accelerates our national expansion and positions us to increase shareholder value over time by bringing our leading technology and innovative products and services to new markets and customers,” said William S. Demchak, President , CEO and President of PNC. A declaration. “We are grateful to our thousands of colleagues across the combined organization who have worked tirelessly to help achieve this milestone. With a shared commitment to serving our customers and supporting the communities in which we live and work, together we will build on this strong combination for years to come.
The unification of PNC and BBVA banking systems and branches is expected to take place in October. Until then, bank customers will continue to serve customers through their branches, websites, apps, financial advisors and relationship managers. PNC will provide full information to BBVA customers prior to conversion.
PNC’s commitment to supporting its communities is outlined in its previously announced community benefits plan, developed as part of the BBVA acquisition. The plan will provide $ 88 billion in loans, investments and other financial support to strengthen economic opportunities for low- and middle-income people and communities, people and communities of color, and other underserved individuals and communities across the country. a period of four years starting in January. 1.
The plan includes $ 26.5 billion in small business loans, $ 47 billion in residential mortgages and home equity loans to people of color and people living in low and moderate income communities, and $ 14.5 billion dollars in community development loans and investments in all markets.
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