Investment Banking

PNC Financial Services agrees $11.6bn deal for American arm of Spain’s BBVA

Deal is one of the largest bank tie-ups since the financial crisis and will create fifth-largest US retail bank

PNC Financial Services Group has agreed to buy the US arm of Spain’s BBVA for $11.6bn, the companies said 16 November, in one of the largest bank tie-ups since the financial crisis.

A deal would create the fifth-largest US retail bank with more than $550bn in assets, a giant in an industry that has been slow to consolidate.

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