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Finance

Fed approves acquisition of BBVA's U.S. banking arm by PNC

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WASHINGTON, May 14 (Reuters) - The U.S. Federal Reserve said on Friday it had approved the acquisition of the U.S. operations of Spanish lender BBVA (BBVA.MC) by PNC Financial Services Group Inc (PNC.N), clearing the way for a deal first announced in November.

The $11.6 billion cash acquisition will be the second largest since the 2008 financial crisis when completed, creating a bank with nearly $650 billion in assets spread across roughly two dozen U.S. states.

Reporting by Pete Schroeder; Editing by Leslie Adler

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