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PNC to buy BBVA's U.S. banking arm for $11.6 billion in cash

FILE PHOTO: The logo above a PNC Bank is shown in Charlotte, North Carolina April 18, 2012. REUTERS/Chris Keane/File photo

(Reuters) - PNC Financial Services Group Inc said on Monday it would buy the U.S. business of Spanish lender BBVA for $11.6 billion in cash, further consolidating the U.S. banking sector.

It is the second-largest U.S. banking deal since the 2008 financial crisis and creates a U.S. bank with nearly $560 billion of assets and a presence in two dozen states.

Reporting by Shubham Kalia in Bengaluru; Editing by Anil D’Silva

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