Spain’s BBVA Exits US in $11.6 Billion Deal With PNC

Spain’s BBVA Exits US in $11.6 Billion Deal With PNC
The headquarters of the Spanish bank BBVA are seen in Madrid, Spain, on June 12, 2018. Juan Medina/Reuters
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Spain’s BBVA is to sell its U.S. business to PNC Financial Services Group Inc. for $11.6 billion in cash in one of the biggest global bank deals this year, which sees yet another European lender retreat from the United States.

The sale will further consolidate the U.S. banking sector and prompted speculation BBVA could use the cash to buy up a rival bank in its domestic market.