PNC / BBVA USA 2020
PNC Financial Services Group acquired BBVA USA for $12B on November 16, 2020.
- Target
- BBVA USA
- Acquirer
- PNC Financial Services Group
- Deal value
- $12B
- Announced
- November 16, 2020
- Sub-sector
- Neobank
Transaction overview
- PNC Financial Services Group announced the acquisition of BBVA USA on November 16, 2020 for $12B.
Strategic rationale
PNC acquires BBVA's U.S. unit to gain digital banking assets (Simple, Azlo) and consolidate operations, targeting $900M+ cost savings through technology integration.
Deal terms & multiples
Sources
- americanbanker.com /news/what-pnc-has-in-mind-for-bbvas-technology