US BBVA operations could be sold to PNC for $ 11 billion, reports say

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The Wall Street Journal and the Financial Times reported that discussions could lead to a change in ownership for Birmingham-based BBVA USA.

PNC Financial Services Group Inc. is in talks to buy the US arm of Spain-based BBVA, according to a brief WSJ report released on Sunday evening. The Wall Street Journal report was attributed to “people familiar with the subject.”

The Financial Times published a similar report indicating that an all-cash $ 11 billion deal could be announced on Monday.

BBVA, which stands for Banco Bilbao Vizcaya Argentaria, acquired Birmingham-based Compass Bancshares in 2007, acquiring a company with roots in the state dating back to the founding of the Central Bank & Trust Co. in 1964. The company has changed. its name for BBVA Compass and later for BBVA USA.

When the BBVA USA brand rolled out in 2019, with a new logo appearing atop the Daniel Building in downtown Birmingham, the company said it had 644 branches in the United States, including 89 in Alabama. Last May, BBVA USA said it processed about $ 3.3 billion in pandemic-related small business loans in two months.

PNC Financial Services Group is based in Pittsburgh. According to a recent report from personal finance website bankrate.com, PNC is the seventh largest bank in the United States, with assets of $ 455 billion. The Financial Times said the deal, if completed, would make PNC the fifth-largest US retail bank in terms of assets.

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