Wachtell Guides PNC's $11.6B Acquisition Of BBVA's US Unit

Law360, London (November 16, 2020, 12:20 PM GMT) -- Spanish bank BBVA announced on Monday that it has agreed to sell its U.S. subsidiary to PNC Financial Services Group Inc. for $11.6 billion in cash, a move it said would create the fifth largest bank in America by assets.

Pittsburgh-based PNC will become the fifth largest bank by assets in the U.S. after the $11.6 billion cash deal with the Spanish bank announced on Monday. (Getty) Banco Bilbao Vizcaya Argentaria SA, which is based in Madrid, said that its U.S. banks — in Texas, Alabama and Arizona — hold more than $100 billion in assets at 637 branches. This will make...

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