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Huntington buys TCF for US$6 bil in US regional bank merger wave

Huntington buys TCF for US$6 bil in US regional bank merger wave
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As BBVA quits US retail, pressure mounts on European peers to do likewise

Blog Blog Blog Blog 10 Dec, 2020 Author Jennifer LaidlawZain Tariq The American dream has not come true for European banks. Unable to generate the level of profits enjoyed by their U.S. rivals, some of Europe s large lenders are exiting or scaling back their stateside retail operations. Spain s Banco Bilbao Vizcaya Argentaria SA is selling BBVA USA Bancshares Inc. and BBVA USA to PNC Financial Services Group Inc., while London-based HSBC Holdings PLC is reportedly considering selling its U.S. retail business. It already outlined a plan in February to reduce the network by a third. Analysts question the European companies ability to generate cost savings and the extent of their local knowledge.

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