PNC hopes that cost savings of $900 million will offset the merger cost of $980 million. The deal brings PNC closer to its CEO William Demchak’s dream of the bank having $700 billion in assets. The merged bank will have over 2,800 branches across more than 25 states.īBVA will benefit from PNC’s more sophisticated technology platform and higher number of decision-making bankers PNC, meanwhile, will become even more of a national franchise, stretching far into the west. With over $100 billion in assets, BBVA’s American arm operates over 630 branches in Alabama, Florida, Arizona, California, Colorado, New Mexico and Texas PNC has so far lacked presence in all these states except the first two. The deal will give PNC over half a trillion dollars in assets in the US, only JPMorgan Chase, Bank of America, Wells Fargo and Citigroup will be larger. In the largest financial sector merger this year, Pittsburgh-headquartered bank PNC has acquired the American arm of Spanish bank BBVA for $11.6 billion.
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