Banco de Credito e Inversiones (Bci) of Chile is another step closer to finalizing its purchase of City National Bank of Florida.
Bci said Wednesday that it has received approval from Chile’s Central Bank to purchase the Miami-based bank, completing the authorization process by Chilean authorities. Bci had previously received approval from Chile’s Superintendency of Banks and Financial Institutions.
Bci still awaits the approval of the Federal Reserve in the United States.
The acquisition of City National Bank is part of Bci’s ongoing international diversification strategy and will expand the bank’s presence in South Florida, where it has operated an international branch for 14 years. The Bci Miami branch, founded in 1999, has more than $3 billion in assets, the bank said.