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PNC Financial Services Group Inc PNC

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PNC Finds Use for Funds From BlackRock Sale, Announces Purchase of BBVA USA

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

PNC has announced that it will acquire BBVA USA Bancshares, the U.S.-based operations of BBVA. When PNC sold its stake in BlackRock, there was heavy speculation that the bank would pursue a sizable acquisition. PNC telegraphed this intention, signaling it wanted to pursue an acquisition that would help it realize its national banking franchise goals. BlackRock after-tax proceeds were roughly $11 billion, and the acquisition is set to be an all cash deal worth $11.6 billion. The estimated price to tangible book multiple is 1.34 and PNC estimates that they will achieve an internal rate of return of greater than 19% on the transaction. The deal is expected to close in mid-2021.

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Company Profile

Business Description

PNC Financial Services Group is a diversified financial services company offering retail banking, corporate and institutional banking, asset management, and residential mortgage banking. PNC has 2,300 branches in 21 states and the District of Columbia and is the seventh- largest U.S. bank by assets.

300 Fifth Avenue, The Tower at PNC Plaza
Pittsburgh, PA, 15222-2401
T +1 888 762-2265
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 51,918