PNC Financial in talks to buy BBVA's U.S. arm for over $10 billion: source

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

(Reuters) – PNC Financial Services Group Inc PNC.N is in advanced talks to buy the U.S. arm of Spanish bank BBVA BBVA.MC for more than $10 billion in an all-cash deal, according to a person familiar with the matter.

A deal between PNC, which is one of the largest local U.S. lenders by assets, and BBVA’s U.S. arm could be announced as early as this week, the source said on Sunday.

PNC and BBVA USA did not immediately respond to Reuters’ requests for a comment.

The Wall Street Journal first reported the news on talks between the two companies.

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