The Federal Reserve System announced that several companies have applied for approval to become bank holding companies or to acquire assets or control of banks or bank holding companies. Public portions of these applications are available for inspection at specific Federal Reserve Banks and online through the Federal Reserve's website. Interested individuals can submit their comments about these applications by February 5, 2021. One notable application involves PNC Financial Services Group, Inc. and PNC Bancorp, Inc. seeking to acquire BBVA USA Bancshares, Inc. and indirectly BBVA USA.
Simple Explanation
The Federal Reserve says some companies want to buy banks or become bank owners, and people can look at these plans online and share their thoughts by early February 2021. One big company, PNC, wants to buy another bank called BBVA USA.