United States – PNC Financial, a subsidiary of BBVA in the US, will allocate 72.9 billion to support minorities

New York, 27 (Europa Press)

US bank PNC Financial, the new owner of the US subsidiary of BBVA, has announced a $ 88,000 million (72,900 million euro) assistance plan to financially support the country’s local communities and especially minorities.

The firm indicated, “The plan has been developed in connection with the expected regulatory approval of the pending acquisition of BBVA United States Banchsares by PNC.” Assistance will be provided in areas where the firm has a presence and extends individual commitments made by both PNC and BBVA.

The unit will hold new mortgages for a minimum of $ 47,000 million (38,940 million euros) for middle or low-income citizens and for individuals belonging to minorities. Similarly, a large part of the money will be allocated to neighborhoods and cities where there is a majority of citizens belonging to minorities or poor people.

On the other hand, the banking firm will generate at least $ 26,500 million (21,955 million euros) for small and medium-sized companies located in these poor communities. Similarly, small farms and companies with a turnover of less than one million dollars will also get loans.

Third, the bank will provide 14.5 billion (12.013 million euros) in investment and loans for community development, including at least 400 million (331 million euros) for entities that are familiar with financial services to at least banked communities. Help to happen.

PNC Financial will also donate $ 500 million (€ 414 million) to NGOs and other philanthropic organizations.

“This plan reflects trust and is supported by our long-term commitment to provide economic opportunities for individuals and communities”; Highlights by William Demchak, Financial Chairman and CEO of PNC.