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PNC Bank buys BBVA


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Dear Valued Client,

Today it was announced that pending regulatory approval, BBVA USA will be acquired by PNC, a top 10 financial services company headquartered in Pittsburgh, Pennsylvania.

What this means for BBVA USA customers

This is exciting news for our many stakeholders, but especially so for our customers as it means you can expect even more opportunities as part of an even larger U.S. financial institution. This includes the introduction of market-leading products, services and more.

What BBVA USA customers need to do

The period between today’s announcement and the close of the acquisition is expected to be anywhere from six to nine months or more. During that time, BBVA USA customers will continue to interact with the bank as they always have. In short, it's business as usual for our customers which means that the retail branch, private banker or relationship manager you work with, will continue to be your primary point of contact.

How BBVA USA will communicate

We understand changes like this can cause anxiety. We want to assure you that BBVA USA and PNC are committed to working together throughout this process, and that we will provide ongoing, transparent and open communication so you know what to expect each step of the way. Thank you for your support and trust in BBVA USA. We value and appreciate your business and you have our commitment that we will walk through this process with you.

Sincerely,

Javier Rodríguez Soler
President and CEO of BBVA USA

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12 hours ago, IndyPoolPlayer said:

Something tells me this is more along the lines of the USA arm of ING being sold to Capital One. European banks seem to be stepping back from the US market.

BNP doesn't seem to want to let go of Bank of the West.  HSBC probably won't leave because a world footprint is their trademark.  But Rabobank did sell their Rabobank network in California to Mechanics Bank.  Only time will tell.  Maybe next year, with things changing in D.C., foreign banks and companies will feel more comfortable here.  

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only interaction I've had with bbva was back with the 5% NBA card; it only lasted a couple of years before they realized they were losing their donkeyballs on it.

 

only interaction I've had with PNC was with the Lifespring Health Visa which ended when the cashback was thefted by the Lifespring Health folks when it folded. PNC made us all whole once they realized they got screwed.

 

So the new name should be LifeSpringDonkeyBalls.

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3 hours ago, centex said:

Be aware of the law of unintended consequence...molly-coddle those too stupid to read the terms for the credit vehicle they sought and the vehicles become far more challenging to access.

In other words, if some people (be they merchants, revolvers, unaware spenders) aren't paying "enough" in interest and fees, who will pay for our credit card rewards??? If the sweet spots in the system are removed, there go the rewards! 

 

Look at the Australian experience. 

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