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.
- The deal is expected to close pending customary conditions.
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
Frequently asked questions
How much did PNC Financial Services Group pay for BBVA USA?
PNC Financial Services Group acquired BBVA USA for $12B, announced on November 16, 2020.
When did PNC Financial Services Group announce the acquisition of BBVA USA?
PNC Financial Services Group announced the acquisition of BBVA USA on November 16, 2020.
What sub-sector is BBVA USA in?
BBVA USA is tracked in the Neobank sub-sector.
Sources
- americanbanker.com /news/what-pnc-has-in-mind-for-bbvas-technology