American Banking Consolidates as PNC Buys BBVA’s US Business

BACK IN MAY PNC, America’s seventh-largest retail bank, sold its 22% stake in BlackRock, the world’s largest asset manager, for $17bn. Bill Demchak, its boss, said at the time that worries about the health of the economy had prompted it to divest, in order to “bullet-proof” its balance-sheet against future bad loans. Six months on, Mr Demchak seems to have decided to break cover.

On November 16th PNC announced it would buy the American arm of BBVA, Spain’s second-largest bank, for $11.6bn. The deal may well precipitate a scramble for scale on both sides of the Atlantic: the same day BBVA said it was in merger talks with Sabadell, Spain’s fifth largest lender.

Mr Demchak says the deal was made easier by last week’s news on an effective covid-19 vaccine, post-election stability in America and robust policy responses to the crisis.  Read more…..

NinjaTrader-Download-Animated-728x90

Chart of the Day

Icarus TV

In this video we get Warren Buffett to show you 7 investing principles that he has used to get high returns. If you’re a beginner in the stock market I would highly recommend watching this video and learning from the worlds greatest investor, Mr Buffett.

Share This Post

Leave a Reply