PNC to buy U.S. operations of Spanish bank BBVA

first_imgIn a statement, BBVA Group Executive Chairman Carlos Torres Vila said the deal was a “very positive transaction for all sides” and enhanced the Spanish group’s “already strong financial position.”“We will have ample flexibility to profitably deploy capital in our markets strengthening our long-term growth profile and supporting economies in the recovery phase, and to increase distributions to shareholders,” Torres Vila added.Having been approved by both companies’ boards, the deal is expected to close in mid-2021, with PNC as the surviving entity absorbing BBVA USA Bancshares and BBVA USA merging with PNC Bank.- Advertisement – – Advertisement – – Advertisement – Spanish financial group BBVA has agreed to sell its U.S. business, BBVA USA Bancshares, to PNC Financial Services Group for $11.6 billion, the American firm announced Monday.Headquartered in Houston, Texas, BBVA USA Bancshares has $104 billion in assets under management, with banking subsidiary BBVA USA operating 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. The new company will have a coast-to-coast presence in 29 of the 30 largest markets in the U.S., PNC said Monday.The all-cash deal is the second-largest U.S. banking acquisition since the 2008 financial crisis, according to Reuters, and values the American business at 19.7 times its 2019 earnings and 1.34 times its book value as of September 2020. The price represents almost 50% of BBVA’s current market capitalization.- Advertisement –center_img “Our acquisition of BBVA USA will accelerate our growth trajectory and drive long-term shareholder value through a strategic deployment of the proceeds from the sale of our BlackRock investment,” said PNC Chairman, President and CEO William S. Demchak. An ATM is shown at company headquarters for the PNC Financial Services at One PNC Plaza in Pittsburgh, Pennsylvania.Getty Imageslast_img read more

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Tencent’s Arena of Valor launches in Europe

first_imgOne of the most popular mobile MOBAs is now available to those in Europe. Arena of Valor the hit title from Tencent’s division Proxima Beta can now be downloaded from the Google Play Store and iOS App Store. Arena of Valor, also known as Honour of Kings in China, offers ‘challenging 5v5 MOBA play’ on mobile and it’s already proven a notable success in South Korea, Taiwan, Thailand and Vietnam. It’s the first title to lead the download charts of both the Google Play Store and the App Store for several months. It spawned a well-established esports community quick suit too, and despite having only been on the market for a year a number of tournaments have taken place and more are set to. The King Pro League in China is in its second season and if they can replicate this popularity in the West they’ll be onto a very good thing. The developers of Arena of Valor will be hoping it can mirror and exceed the esports success story of Vainglory which, in the past year, has seen teams including Echo Fox, Misfits, Cloud9, SK Gaming, Team SoloMid, NRG and Fnatic.An informative article on Red Bull also explained why all should sit up and take notice of this game’s arrival on European and North American shores. It’s the most profitable mobile game in the world and it has 55 million players in China alone. The best part however: Arena of Valor is all about a gamers’ skill. The developers at Tencent aimed to create a MOBA in which the prowess on the battlefield will decide the outcome of a game, instead of the amount of money invested. Thus the majority of available heroes are unlockable via in-game currency, to be earned by playing the game and completing quests.Esports Insider says: A soundtrack by Hans Zimmer and 55 million players in China, this one has some potential. This’ll be a big test for Vainglory too in its dominant mobile MOBA position in the West to date, and the reception and success of Arena of Valor will say a lot of mobile esports’ potential more widely.last_img read more

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