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South Florida

Chilean company making $883M deal to buy Miami-based bank

City National Bank
City National Bank

A Chilean bank is close to finalizing a $883 million deal to buy City National Bank of Florida, the Sun Sentinel reported. The purchase by Banco de Credito e Inversiones, or Bci, will mark the largest investment of its kind by a Chilean company and shows the relative  strength of the South American country in the U.S.

Bci joins a growing list of Latin American financial institutions that are expanding into South Florida. Some are new to the market, others are simple adding to their operations.

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Provided it receives regulatory approval by 2015, Bci plans to expand City National Bank of Florida’s services for small- and mid-size firms. It will operate under the City National name and keep the same management team.

City National has 26 offices, including in Boca Raton, Coral Springs, Fort Lauderdale and Hollywood, and intends to open two more this year, the Sun Sentinel said. [Sun Sentinel] –Mark Maurer

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