For BBVA, the transaction represents an unwinding of its $9.6 billion acquisition in 2007 of Compass Bancshares Inc, which it turned into its US subsidiary. BBVA decided to retreat from the US market after a poor performance there weighed on its stock, the sources said. In September, two sources told Reuters that Sabadell had held informal talks about a possible tie-up, including with BBVA. Torres told analysts the US deal would allow BBVA to better deploy capital in its existing core market and improve its franchises, without giving names. The deal comes about six months after PNC sold its 22.4% stake in mutual fund giant BlackRock Inc for $14.2 billion.

Source: Mint November 16, 2020 12:00 UTC