PNC Bank will raise its minimum pay rate by 20 percent in November to $18, joining other banks and credit unions that have raised minimum wages this year.

The bank said in a statement this week that its current minimum pay rate of $15 per hour would increase to $18 beginning on Nov. 22. The minimum wage in Massachusetts this year is $13.50, and the national minimum wage is $7.25.

The increase will affect both PNC employees and BBVA USA employees who will convert to being PNC staff in October. PNC had acquired BBVA USA in June.

The company said in the statement that its decision to boost the pay rate was intended to enhance employees’ financial wellness, help PNC attract and retain the best talent, and strengthen the bank’s competitive position in the marketplace.

“Our employees are our most precious resource, and by investing in them, we invest in our future,” Vicki Henn, PNC’s executive vice president and chief human resources officer, said in the statement. “PNC’s success is dependent on the well-being of our employees, so it’s critical that we continue to offer a total rewards package that includes competitive benefits and pay, reflecting our long-term commitment to their well-being.”

PNC, which has had a longtime corporate and institutional banking presence in Boston, has been expanding in the region. The bank opened its first Massachusetts retail branches in 2020 in Boston, Burlington, Chestnut Hill, Dedham and Lynnfield.

Once the BBVA USA conversion is complete, PNC will be the fifth largest U.S. bank, with more than $554 billion in assets and operating in 48 of the largest U.S. markets. The combined bank will have about 60,000 employees nationwide.

While increasing minimum wages is considered a tool for helping address income inequalities, PNC in its statement also pointed to the business benefits of higher wages, noting that the increased minimum pay rate “further positions the company among the most competitive employers in the country.”

“This isn’t just a responsible move for the bank,” William S. Demchak, PNC’s chairman, president and CEO, said in the statement. “This increase allows us to make a positive difference, leveraging the power of our resources to help all move forward financially. Attracting and retaining highly-engaged employees is critical to our continued growth and, in turn, creates a fantastic experience for our customers and the communities we serve.”

Other banks that have increased minimum pay rates this year include Bank of America, which now pays a minimum of $25 per hour, and Pittsfield-based Greylock Credit Union, which increased its minimum rate to $16.50.