Nov. 16 (UPI) — PNC Monetary Companies Group has agreed to purchase the U.S.-based sector of the Spanish monetary group BBVA for $11.6 billion, the companies stated Monday.

Officers stated the deal expands Pittsburgh-based PNC’s attain to 29 of the 30 largest markets in america by including greater than 600 BBVA branches in a number of states.

“Our acquisition of BBVA USA will speed up our progress trajectory,” PNC Chairman William S. Demchak stated in an announcement.

“We’re excited to deliver our industry-leading expertise and modern services to new markets and shoppers.”

The deal is predicted to shut by the center of subsequent yr, when BBVA branches will purchase the PNC identify and be merged into the brand new banking platform.

“This can be a very optimistic transaction for all sides,” BBVA Govt Chairman Carlos Torres Vila stated in an announcement.

The $11.6 billion given for the deal represents almost 50% of BBVA’s market capitalization.