Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee




Posted November 19, 2020

The ink isn’t even dry on PNC Bank’s $11.6 billion acquisition of BBVA, and already attention is turning to what it might mean for BBVA’s long-standing operations in Birmingham.

Though Birmingham city officials had no comment on the deal, Gov. Kay Ivey welcomed it via Twitter this morning:

The all-cash deal is the second-largest U.S. banking acquisition since the 2008 financial meltdown, according to Reuters.

The deal is expected to close in mid-2021, pending regulatory approvals, with conversion to the PNC brand in the second half of the year. PNC, which is based in Pittsburgh, said in a statement to customers that it would work with BBVA for a thoughtful integration plan, with BBVA’s branches folded into the PNC name.

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