Banco de Credito e Inversiones of Chile is a step closer to buying Miami-based City National Bank of Florida.
The Chilean Bank said Friday that it has received approval from the Superintendency of Banks and Financial Institutions of Chile to purchase the Miami bank.
Bci now awaits the approval of the Central Bank of Chile and the Federal Reserve in the United States.
The acquisition of City National Bank is part of Bci’s 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 has more than $3 billion in assets.
Bci is the third largest bank in Chile with $38 billion in assets. City National, the fifth-largest financial institution based in Florida, has $4.9 billion in assets.