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PNC Parlays Its BlackRock Cash Into $11.6 Billion BBVA Deal

  • Deal fuels expansion in California, Texas as PNC eyes growth
  • BBVA shares surge as Spanish bank may use cash to pursue deals
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PNC Financial Agrees to Purchase BBVA USA
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PNC Financial Services Group Inc. agreed to buy Banco Bilbao Vizcaya Argentaria SA’s banking operations in the U.S. for $11.6 billion, vaulting past rivals to become the country’s largest regional bank.

PNC’s purchase uses the $14 billion it raised earlier this year from selling its stake in BlackRock Inc. to fuel an expansion into Texas and California and compete with U.S. retail-banking giants. For BBVA, the deal sheds a recent source of writedowns while giving the Spanish lender capital to pursue acquisitions of its own.