PNC Financial Services Group, Inc. (PNC) said it received regulatory approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, and added "no further regulatory approvals are required to complete the acquisition and merger of PNC Bank and BBVA USA."
In November, The PNC Financial Services agreed to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, for $11.6 billion.
The company also specified that the regulatory approval process also included approvals from the banking departments of the states of Alabama and Texas.
The acquisition is anticipated to close June 1, 2021. Upon closing, PNC said it will be the fifth largest U.S. commercial bank with over $560 billion in assets.
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