NEW YORK (AP) — PNC Financial Services Group is reportedly discussing a purchase of the U.S. subsidiary of Spain’s BBVA in a deal that could be valued at more than $10 billion.
The Wall Street Journal, citing people familiar with the matter, reported Sunday that a deal could be announced by Monday barring a late breakdown in the talks.
The newspaper said the deal would create the nation’s fifth largest retail bank, with more than $550 billion in assets and a large presence on the East Coast.
Mergers and acquisitions of big banks have declined greatly since the financial crisis in 2008. Regional banks such as PNC face stiffer competition now from big national banks and have been hurt more than larger banks by low interest rates.
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