PNC completes acquisition of BBVA
The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the completion of its acquisition of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary BBVA USA. Through this transaction, PNC is now the fifth largest U.S. commercial banking organization with over $560 billion in assets with a coast-to-coast national franchise that will provide a full range of products and services to retail customers and business clients in 29 of the top 30 largest markets in the country.
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“Our acquisition of BBVA USA accelerates our national expansion and positions us to increase shareholder value over time by bringing our industry-leading technology and innovative products and services to new markets and clients,” said William S. Demchak, PNC’s chairman, president and chief executive officer. “We are grateful to our thousands of colleagues across the combined organization who have worked tirelessly to help achieve this major milestone. With a shared commitment to serving our customers and supporting the communities where we live and work, together we will build on this strong combination for years to come.”
Until conversion of bank systems and branches, expected to occur in October 2021, PNC and BBVA USA customers will continue to be served through their respective PNC and BBVA USA branches, websites and mobile apps, financial advisors and relationship managers. PNC will provide comprehensive information to BBVA USA customers prior to the conversion.
PNC’s commitment to supporting its communities is outlined in its previously announced Community Benefits Plan developed in connection with the BBVA USA acquisition. The plan will provide $88 billion in loans, investments, and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals and communities, people and communities of color, and other underserved individuals and communities over a four-year period beginning Jan. 1, 2022.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.