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Fed approves PNC purchase of US arm of Spanish bank BBVA

By Pete Schroeder

WASHINGTON (Reuters) – The US Federal Reserve said on Friday it approved the acquisition of the US operations of Spanish lender BBVA by PNC Financial Services Group Inc, clearing the way for a deal announced in November.

When completed, the $ 11.6 billion cash acquisition will be the second largest since the 2008 financial crisis and will create a bank with nearly $ 650 billion in assets spread across about two dozen states in the United States.

(Reporting by Pete Schroeder, Edited in Spanish by Manuel Farías)

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