PNC to buy BBVA’s U.S. banking arm for $11.6 billion in cash

(Reuters) – PNC Financial Services Group Inc <PNC.N> said on Monday it would buy the U.S. business of Spanish lender BBVA <BBVA.MC> for $11.6 billion in cash, further consolidating the U.S. banking sector.

It is the second-largest U.S. banking deal since the 2008 financial crisis and creates a U.S. bank with nearly $560 billion of assets and a presence in two dozen states.

(Reporting by Shubham Kalia in Bengaluru; Editing by Anil D’Silva)