PNC is buying US business of Spain’s BBVA for $11.6 billion

PNC is spending billions to cement its place among America’s largest banks.

The Pittsburgh-based lender announced Monday that it was acquiring the American unit of Spanish financial group BBVA for $11.6 billion.

The deal “significantly accelerates PNC’s national expansion strategy,” PNC said in a statement.

BBVA’s US subsidiary has over $100 billion in assets, and operates more than 630 branches in seven US states.

PNC said the deal would give it “a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the US.”

The deal is all-cash. It’s expected to close in mid-2021 pending regulatory approval.

— This is a developing story that will be updated.