PNC Acquires BBVA's U.S. Banking Subsidiary for $11.6 Billion

On November 16, 2020, PNC Financial Services Group announced it would acquire BBVA USA Bancshares, the U.S. subsidiary of Spain's BBVA, for $11.6 billion in an all-cash transaction. The combination created the fifth-largest U.S. bank by assets with approximately $550 billion, significantly expanding PNC's geographic presence into high-growth Sun Belt markets including Texas, Florida, Alabama, Arizona, Colorado, and New Mexico. PNC projected approximately $900 million in annual cost savings from the integration.

BBVA USA operated roughly 600 branches and held substantial commercial and retail banking portfolios. The acquisition was notable for its implications for fintech partnerships, as BBVA had been an active player in open banking and digital innovation through its Open Platform initiative, which offered BaaS-like API-driven banking services. The deal closed in June 2021 following regulatory approvals.

PNC funded the acquisition partly with proceeds from the sale of its stake in BlackRock.