BBVA Sells its US Subsidiary to PNC for 11.6 Billion Dollars

Maintaining its broker dealer BBVA Securities

Date:

BBVA-Houston
Foto cedidaSede de BBVA en Houston.. BBVA vende su filial en Estados Unidos a PNC por 11.600 millones de dólares

Author: Beatriz Zúñiga

The amount of the transaction, which will be paid in cash, represents almost 50% of BBVA's current market capitalization

"The deal enhances our already strong financial position. We will have ample flexibility to profitably deploy capital in our markets”, said BBVA Group executive chairman, Carlos Torres Vila

The transaction excludes the broker dealer (BBVA Securities) and the branch in New York, through which BBVA will continue to provide corporate and investment banking services

The deal is expected to close in mid 2021 once the required regulatory approvals have been obtained