Divestiture • Financial Services

PNC Acquires BBVA USA Bancshares

On November 16, 2020, PNC acquired financial services company BBVA USA Bancshares from Banco Bilbao Vizcaya Argentaria for 11.6B USD

Acquisition Context
  • This is PNC’s 11th transaction in the Financial Services sector.
  • This is PNC’s largest (disclosed) transaction.
  • This is PNC’s 15th transaction in the United States.
  • This is PNC’s 1st transaction in Texas.

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M&A Deal Summary

Date November 16, 2020
Target BBVA USA Bancshares
Sector Financial Services
Buyer(s) PNC
Sellers(s) Banco Bilbao Vizcaya Argentaria
Deal Type Divestiture
Deal Value 11.6B USD

Target Company

BBVA USA Bancshares

Houston, Texas, United States
BBVA USA Bancshares, with $104 billion in assets and headquartered in Houston, Texas, provides commercial and retail banking services through its banking subsidiary BBVA USA and operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico.
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Buyer Overview 1

Buyer

PNC

Pittsburgh, Pennsylvania, United States

Category Company
Founded 1852
Sector Financial Services
Employees53,686
Revenue 20.8B USD (2024)
DESCRIPTION
PNC's corporate headquarters in downtown Pittsburgh, Pennsylvania.
PNC's corporate headquarters in downtown Pittsburgh, Pennsylvania.

PNC is a diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services. PNC was formed in 1922 and is based in Pittsburgh, Pennsylvania. PNC was founded in 1852 and is based in Pittsburgh, Pennsylvania.


Deal Context for Buyer #
Overall 15 of 19
Sector: Financial Services 11 of 13
Type: Divestiture 3 of 3
State: Texas 1 of 1
Country: United States 15 of 19
Year: 2020 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 The PNC Financial Services Group - Franchise Finance Business

Pittsburgh, Pennsylvania, United States

The PNC Financial Services Grou's Franchise Finance Business loans to franchisees operating in the quick-service restaurant (QSR) and other industries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-27 Tempus Technologies

Auburn, Indiana, United States

Tempus Technologies, Inc. is a payment gateway provider that delivers secure and innovative payment-processing solutions for businesses of all sizes. Tempus Technologies was founded in 1987 and is based in Auburn, Indiana.

Buy -

Seller Profile 1

SELLER

Banco Bilbao Vizcaya Argentaria

Bilbao, Spain

Category Company
Founded 1857
Sector Financial Services
Employees124,741
Revenue 39.2B EUR (2024)
DESCRIPTION

Banco Bilbao Vizcaya Argentaria is a global financial group that operates a customer-focused retail business model, offering clients a comprehensive range of financial and non-financial products and services around the world. Banco Bilbao Vizcaya Argentaria was founded in 1857 and is based in Bilbao, Spain.


Deal Context for Seller #
Overall 3 of 3
Sector: Financial Services 1 of 1
Type: Divestiture 3 of 3
State: Texas 1 of 1
Country: United States 1 of 1
Year: 2020 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-15 Divarian

Madrid, Spain

Divarian is an owner and operator of a real estate assets. Divarian is based in Madrid, Spain.

Sell -