PNC Financial Services Gets Regulatory Approval For Acquisition Of BBVA USA
WASHINGTON (dpa-AFX) - PNC Financial Services Group, Inc. (PNC) said it received regulatory approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, and added no further regulatory approvals are required to complete the acquisition and merger of PNC Bank and BBVA USA.
In November, The PNC Financial Services agreed to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, for $11.6 billion.
The company also specified that the regulatory approval process also included approvals from the banking departments of the states of Alabama and Texas.
PNC Receives Regulatory Approval For Acquisition Of BBVA USA
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PITTSBURGH, May 14, 2021 /PRNewswire/ The PNC Financial Services Group, Inc. (NYSE: PNC) today announced receipt of regulatory approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency to complete the previously announced acquisition of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA. The regulatory approval process also included approvals from the Banking Departments of the States of Alabama and Texas. No further regulatory approvals are required to complete the acquisition and merger of PNC Bank and BBVA USA.
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BBVA USA Reports First Quarter 2021 Results
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HOUSTON, April 30, 2021 /PRNewswire/ BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today net income of $385 million for the first quarter of 2021 compared to net income of $334 million in the fourth quarter of 2020 and net loss of $2.2 billion in the first quarter of 2020. Return on average assets and return on average tangible equity
1 for the first quarter of 2021 were 1.49 percent and 16.57 percent, respectively. During the first quarter we delivered solid results while continuing to successfully navigate the challenges to our customers, communities and our employees brought about by the COVID-19 pandemic, said Javier Rodríguez Soler, president and CEO of BBVA USA. Momentum continued in the quarter highlighted by stable revenue and well-contained expenses. At the same time, we continue to maintain strong liquidity and capital posi