Representing the bank’s growth strategy to further penetrate the US market to become a global leader, the transaction positions BBVA as a regional leader in Texas, Alabama, Arizona and New Mexico, with a significant presence in Florida and Colorado.
In addition, the group will hold a total of $47 billion in assets, $32 billion in loans, $33 billion in deposits with a network of 622 branches across seven US states after the transaction has completed. Furthermore, BBVA expects the transaction to contribute approximately 10% of the group’s earnings.
The deal has been approved by the board of directors of BBVA and Compass.
