NEWS BBVA.COM | USA
BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today net income of $385 million for the first quarter of 2021 compared to net income of $334 million in the fourth quarter of 2020 and net loss of $2.2 billion in the first quarter of 2020. Return on average assets and return on average tangible equity(1) for the first quarter of 2021 were 1.49 percent and 16.57 percent, respectively.
The BBVA Research team has published its Economic Outlook for second quarter 2021, noting that a successful vaccination campaign, combined with low interest rates and massive fiscal stimulus, is expected to drive a strong recovery.
In honor of Financial Literacy Month, we’re recognizing four incredible BBVA USA employees who in total contributed more than 350 hours to helping customers work toward their goals of achieving financial freedom, home ownership, and more in 2020.
PNC Acquisition
BBVA has agreed to sell to PNC its subsidiary in the U.S. for $11.6 billion (€9.7 billion¹) in cash, an amount that represents 19.7 times the unit’s 2019 earnings², and that is almost 50% of BBVA’s current market capitalization.
As integration planning efforts continued—and almost one month after PNC’s acquisition of BBVA’s U.S. subsidiary was announced— BBVA USA team members across the bank began to be introduced to PNC’s leaders and structure in a series of virtual town halls.
``To all our colleagues in the US: Thank you for your great work all these years, and we wish you all the best in this new phase full of opportunities.``
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