PNC Receives Regulatory Approval to Acquire BBVA USA
By Stephen Nakrosis
PNC Financial Services Group, Inc. on Friday said it received
the final regulatory approvals needed for its previously announced
acquisition of BBVA USA Bancshares, Inc.
In November, PNC said it would buy the U.S. arm of Spain's BBVA
for $11.6 billion.
PNC said it received regulatory approval from the Board of
Governors of the Federal Reserve System and the Office of the
Comptroller of the Currency, adding "no further regulatory
approvals are required to complete the acquisition and merger of
PNC Bank and BBVA USA."
The company also said, "The regulatory approval process also
included approvals from the banking departments of the states of
Alabama and Texas."
The deal is expected to close June 1. Once the deal is complete,
PNC said it will be the fifth-largest U.S. commercial bank.
Write to Stephen Nakrosis at firstname.lastname@example.org
(END) Dow Jones Newswires
May 14, 2021 19:14 ET (23:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.