By Stephen Nakrosis

The American depository receipts of Banco Bilbao Vizcaya Argentaria SA are trading higher on the New York Stock Exchange Monday, following news that it will sell its U.S. subsidiary to PNC Financial Services Group Inc.

PNC said it will acquire BBVA USA Bancshares Inc. in a deal valued at $11.6 billion.

Also on Monday, BBVA and Banco de Sabadell SA said they are discussing a possible merger, and have started a due diligence process and appointed external advisers, as reported by The Wall Street Journal.

At 12:39 p.m. EST, BBVA's ADRs were trading 11.5% higher at $4.17. Volume at the time topped 12.3 million shares, above the 65-day average volume of some 3.6 million shares.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 16, 2020 13:10 ET (18:10 GMT)

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