PNC completes $11.6 billion acquisition of BBVA, announces Alabama leadership AL.com 1 hr ago William Thornton, al.com
PNC Bank has named a new leadership team for Alabama following the company’s $11.6 billion acquisition of BBVA USA, and the bank says that Birmingham will become one of the combined company’s technology development centers.
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The purchase, the second-largest U.S. banking acquisition since the 2008 financial meltdown, was announced last November. BBVA has 89 locations in Alabama, while PNC currently has more than 50 branches. As a result of the merger, PNC will rank second in Alabama in deposit market share.
BBVA USA, though based in Houston, kept a significant presence in Birmingham through its technology operations. In 2019 BBVA coordinated its Birmingham tech presence with operations in Mexico and Spain, developing cyber security and other needs for the company.