PNC completed its acquisition of BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA. Through this transaction, PNC is now the fifth largest U.S. commercial banking organization, with more $560 billion in assets.
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency provided regulatory approval of PNC’s previously announced acquisition of BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA.
PNC expanded the leadership roles of Deborah Guild, chief security officer, and Ganesh Krishnan, corporate and institutional bank (C&IB) and staff service technology chief information officer.
The PNC Financial Services Group and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, signed a definitive agreement for PNC to acquire BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion.
The PNC Financial Services Group added two new members to its executive committee. Carole Brown will be head of PNC’s asset management group (AMG) and Richard K. Bynum will serve in the newly created role of chief corporate responsibility officer.
PNC committed more than $50 million in charitable support for national and local work that will help eliminate systemic racism and more than $1 billion in community development financing and capital for neighborhood revitalization, consumers and small businesses.
PNC Financial Services increased the number of directors on its board to 14 and appointed three new members: Joseph Alvarado, Richard Harshman and Toni Townes-Whitley.
PNC Financial Services and PNC Bank appointed Linda R. Medler and Martin Pfinsgraff to both respective boards of directors, effective immediately.