20 Nov, 2020 @ 18:30
1 min read

Spain’s BBVA scores €11.6 billion for US business in one of the largest global bank deals of 2020

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BBVA predicts one million new jobs for Spain

BBVA have sold their state-side business to the financial services group PNC for a whopping €11.6 billion.

This is one of the largest global banking deals of the year so far.

With more cash to play with, there are now rumours in the sector that BBVA may buy up a rival bank in Spain.

The deal marks the largest U.S banking deal since the financial crisis in 2008.

BBVA made the decision to retreat from the American market after their stock value was affected by poor performance.

Until last week, the stock had been down 36% year-to-date.

“It makes sense to divest in the U.S. because others could do better, we also believe we can grow in places where we could do better,” said BBVA chairman Carlos Torres.

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