DBRS Morningstar Comments on PNC Acquisition of BBVA's U.S. Operations
Banco Bilbao Vizcaya Argentaria SA (BBVA or the Bank; rated A (high), Stable) and PNC Financial Services Group, Inc. (PNC, rated A (high), Stable) announced on November 16, 2020, the sale of BBVA's U.S. subsidiary BBVA USA Bancshares to PNC for USD 11.6 billion (EUR 9.7 billion). The deal, which was approved by both banks' boards is the second largest acquisition in the U.S. since the 2008 crisis. The transaction encompasses PNC absorbing all of BBVA's U.S. based activities except for BBVA Securities (a broker dealer), Propel Venture Capital and the New York branch, which will continue to serve its local corporate and institutional clients. The operation transaction is expected to be closed by mid-2021 and is subject to regulatory approvals, as applicable.Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
PNC Financial Services Group is a bank holding company. The company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing its products and services nationally. The company's segments are: Retail Banking, which provides deposit, lending, brokerage, insurance services, investment management and cash management products and services; Corporate and Institutional Banking, which provides lending, treasury management, and capital markets-related products and services; Asset Management Group, which provides personal wealth management; and BlackRock, which provides a range of investment and technology services.
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