Read more: PNC Financial Services
The €9.7 billion sale to PNC Financial Services of BBVA USA Bancshares has come not a minute too soon for BBVA, with it being one of the European banks hardest hit by Covid-19.
Although BBVA would never admit its financial position was weak, and indeed the buffer on top of its minimum requirement was already relatively high, investors simply didn’t believe that this was enough.
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