Chile's Banco De Credito e Inversiones has received final approval from the Federal Reserve to purchase the City National Bank of Florida, the company announced Tuesday.
The Federal Reserve Board approved the purchase --
the largest-ever U.S. acquisition by a Chilean company -- Sept. 21 and the deal is set to close within 30 days.
"We take great pride in being the first Chilean bank to acquire a bank in the U.S., as it signals a high level of confidence not only in our top-level management, but also in Chile's financial system, especially given the extensive regulatory reform implemented on the heels of the Dodd-Frank Act," BCI Chief Executive Officer Eugenio Von Chrismar said.
City National Bank is Florida’s premier private and commercial bank, and its acquisition will represent a large investment for BCI, which has operated in Miami for over 15 years. As of June 30, City National Bank made up about 16.8 percent of BCI's assets, 15.2 percent of its loans, and 22.7 percent of its deposits.
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