Spain’s BBVA is to sell its U.S. business to PNC Financial Services Group Inc for $11.6 billion in cash in one of the biggest global bank deals this year, which sees yet another European lender retreat from the United States. The sale will further consolidate the U.S. banking sector and prompted speculation BBVA could use the cash to buy up a rival bank in its domestic market. This is the second-largest U.S. banking deal since the 2008 financial crisis and creates an American bank with nearly $560 billion of assets and a presence in two dozen states. The move underscores how a loosening of financial regulations and lowering of corporate taxes under President Donald Trump has emboldened regional lenders to pursue scale through dealmaking, as they compete with bigger players such as JPMorgan Chase & Co and Wells Fargo & Co. PNC and BBVA had been in talks about a …
Spain’s BBVA Exits US in $11.6 Billion Deal With PNC
