PNC to buy Spanish lender BBVA's US banking arm for $11.6 billion in cash

By Greg Roumeliotis and David French (Reuters) - PNC Financial Services Group Inc said on Monday it would buy the U.S. business of Spanish lender BBVA 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. The move underscores how a loosening of financial regulations and lowering of corporate taxes under President Donald Trump has emboldened.

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