Spanish financial group BBVA has agreed to sell U. s. Business, BBVAÂ USAÂ Bancshares, to PNC Financial Services Group for $ 11. 6 billion, the American company announced Monday.
Headquartered in Houston, Texas, BBVA USA Bancshares has $ 104 billion in assets under management, with subsidiary banking 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 United States. s. The Palestinian National Council said on Monday.
The all-cash deal is the second largest cash transaction. s. Bank acquisitions since the 2008 financial crisis, according to Reuters, estimate US business at 19. 7 times its 2019 earnings and 1. 34 times its book value as of September 2020. The price is approximately 50% of BBVA’s current market value.
In a statement, BBVA Group CEO Carlos Torres Vela said the deal was a « very positive deal for all parties » and strengthened « the Spanish group’s already strong financial position. ».
« We will have a great deal of flexibility to profitably distribute capital in our markets, which will enhance our long-term growth profile and support economies in the recovery phase, and to increase dividends to shareholders, » added Torres Villa..
After approval by the two companies’ boards, the deal is expected to end in mid-2021, with PNC as the surviving entity absorbing BBVA USA Bancshares and BBVA USA and merging with PNC Bank.
PNC Chairman, President and CEO William S said: « Our acquisition of BBVA USA will accelerate our growth path and drive shareholder value over the long term through strategic deployment of proceeds from the sale of our BlackRock investments. ». . Dimchak.
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PNC Financial Services, Banco Bilbao Vizcaya Argentaria, PNC Bank, BBVA USA, Finance
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