BBVA bonds soar amid sale of US subsidiary
BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp.
BBVA will offload its US business to PNC for a cash consideration of $11.6bn (€9.7bn).
The bank said the transaction would create “significant value for shareholders”, given the final price had represented almost 50% of its market capitalisation.It had also not been relying on revenues ...