PNC Financial Services Group has concluded the acquisition of BBVA USA Bancshares, including its banking subsidiary BBVA USA.

In November 2020, PNC signed a definitive agreement to buy BBVA USA Bancshares for $11.6bn.

The acquisition makes PNC the fifth largest commercial bank in the US with more than $560bn in assets. The bank will have the presence to deliver products and services in 29 of the country’s 30 largest markets.

PNC obtained all regulatory approvals for the acquisition last month. The deal received green light from the Federal Reserve and the Office of the Comptroller of the Currency.

The Banking Departments of the States of Alabama and Texas also approved the transaction.

PNC chairman, president and CEO William Demchak said: “Our acquisition of BBVA USA accelerates our national expansion and positions us to increase shareholder value over time by bringing our industry-leading technology and innovative products and services to new markets and clients.

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“With a shared commitment to serving our customers and supporting the communities where we live and work, together we will build on this strong combination for years to come.”

Conversion of bank systems and branches is scheduled for October 2021. Till then, PNC and BBVA USA will cater to their respective customers.

PNC estimates the acquisition to be about 21% accretive to its earnings in 2022, adding $86bn of deposits and $66bn of loans.

Separately, PNC Bank agreed to acquire Tempus Technologies, a payment gateway provider for businesses, in January 2021.