PNC Financial Services Group has secured all regulatory approvals for its previously announced acquisition of the US unit of BBVA.

The deal received green light from the Federal Reserve and the Office of the Comptroller of the Currency.

Separately, the Banking Departments of the States of Alabama and Texas also approved the transaction.

With all regulatory approvals now secured, the transaction is expected to close 1 June 2021.

In November 2020, PNC signed an agreement to acquire the BBVA USA Bancshares and its subsidiary BBVA USA for $11.6bn.

The deal is slated to create the fifth largest US commercial bank with more than $560bn in assets. The combined lender will also have presence in 29 of the 30 largest US markets.

PNC chairman, president and CEO William S. Demchak said: “We are pleased to have received regulatory approval of our acquisition that will accelerate our growth trajectory and drive long-term shareholder value.

“With common cultures and values and a shared commitment to our customers, employees and communities, we look forward to bringing PNC’s industry-leading technology and innovative products and services to new markets and clients.”

PNC Financial Services Group is a bank holding and diversified financial services institution in the US.

The company will notify all BBVA USA customers regarding the conversion of the accounts in October 2021.

Until the process complete, the customers can continue using respective branches and online mediums.