The PNC finance company plans to buy the US division of BBVA

The financial services company

, one of the largest in the

is in advanced talks to acquire the US division of the Spanish bank

which would be one of the largest unions of banking entities since the financial crisis of 2008, reported this Sunday the

The transaction, which could reach a value of 10 billion dollars, would lead to the creation of the fifth largest commercial bank in the US, with more than 550,000 million dollars in assets and branches that run throughout the eastern half of the country.

BBVA, which bought the

based company

in 2007

has more than 600 branches and assets of about $ 100 billion in the US.

According to information obtained by the

which did not specify its source, the companies are finalizing the details of the agreement, which could be announced this Monday, November 16.

PNC, which has a market value of about

increased its funding funds this year when it sold its stakes in investment company

for $ 15 billion.

The purchase of BBVA in the US would help the

based PNC

to expand its commercial and corporate banking business, while closing branches in the southeast of the country, where the entities have an overlapping network of offices. , could lead to a reduction in costs, points out the New York newspaper.

The news of the possible agreement comes two months after PNC executive director

assured last September that the bank's national presence would be the "first, second and third objective" of any agreement.

The

since the 2008 crisis, with few players willing to test the political climate of the country, which also showed wary of implementing new regulations on large banks.

This is compounded by the fact that the old motivation to add branches has less weight today given that many of the banking activities now take place on the Internet and customers have less ties with the physical offices of the banks.

However, regional entities have been pressured by the profits that large national banks such as

have been recording

which have been attracting customers with new mobile applications and extensive branch networks.

The agreement would mean the US withdrawal from BBVA, the second largest bank in Spain and with a

In 2007,

to consolidate its presence in the US, but since then it has lowered the value of its business on two occasions and this year it warned of another possible decline due to the significant hit of the coronavirus on the country's economy .

According to the criteria of The Trust Project

Know more

• United States

• Spain

• economy

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