PNC Has Closed Its Acquisition of BBVA USA. Here's What Will Happen Next
The Pittsburgh-based regional bank PNC Financial Services Group (NYSE: PNC) made a splash last year when it sold its longtime stake in the world's largest asset manager, BlackRock, and said it would use the proceeds to look opportunistically for a large acquisition. In November, PNC made good on that promise, announcing that it would acquire the U.S. banking division of the Spanish lender BBVA, which came with more than $100 billion in assets and a presence in attractive banking markets such as Florida, Texas, Arizona, and California.
In June, PNC formally closed on the $11.5 billion acquisition. Here's what to expect next.
With regulatory approval secured and the acquisition formally closed, PNC has cleared a major hurdle with the market. While most banking deals that are announced do go through, shareholders will feel some relief to see that one of the larger acquisitions of recent years is moving forward.
Source Fool.com
