Reports suggest that PPVA’s US operations could be sold to BNC for $ 11 billion

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The Wall Street Journal and the Financial Times report that the talks could lead to a change of ownership for Birmingham-based BPVA USA.

According to a brief WSJ report released on Sunday evening, BNC Financial Services Group Inc. Negotiations are underway to buy the US division of the Spanish-based PPVA. The Wall Street Journal reported that “those who are well versed in the matter”.

Published by the Financial Times Similar statement Of all the cash, the $ 11 billion deal could be announced on Monday, he said.

BPVA, which represents Banco Bilbao Whiskey Argentoria, acquired Birmingham-based Compass Bankshare in 2007, and in 1964 acquired a company with roots in the state to establish a central bank and trust. The company changed its name to PPVA Compass and later PPVA USA.

When PPVA USA branding was launched in 2019, A new logo will appear on top of Daniel’s building in BirminghamThe company said it has 644 branches in the United States, including 89 in Alabama. This May, PPVA USA said it had implemented it Approximately 3 3.3 billion in small business loans related to the epidemic In two months.

BNC Financial Services Group is based in Pittsburgh. According to The latest report from personal financial platform bankrate.comPNC is the seventh largest bank in the United States with $ 455 billion in assets. The Financial Times will complete the transaction, making PNC the fifth largest retail bank in the United States.

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