Spanish financial group BBVA has agreed to sell its U.S. business, BBVA USA Bancshares, to PNC Financial Services Group for $11.6 billion, the American firm announced Monday.
Headquartered in Houston, Texas, BBVA USA Bancshares has $104 billion in assets under management, with banking subsidiary BBVA USA operating 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico.
The new company will have a coast-to-coast presence in 29 of the 30 largest markets in the U.S., PNC said Monday.
In a statement, BBVA Group Executive Chairman Carlos Torres Vila said the deal was a "very positive transaction for all sides" and enhanced the Spanish group's "already strong financial position."
"We will have ample flexibility to profitably deploy capital in our markets strengthening our long-term growth profile and supporting economies in the recovery phase, and to increase distributions to shareholders," Torres Vila added.
Carlos Torres Vila, Torres Vila
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Houston , Texas, Texas , Alabama, Arizona , California, Florida , Colorado, New Mexico, U.S