The long-awaited, $882.8 million sale of City National Bank of Florida to a major Chilean financial institution is expected to close Friday morning.
The chief executive officer of Banco de Crédito e Inversiones, Eugenio von Chrismar, flew to Miami this week, and together with City National CEO Jorge Gonzalez will put pen to paper at the Miami bank’s headquarters Friday morning.
“For BCI this is a tremendous satisfaction,” von Chrismar said. “We think this market is very important to Latin American companies.”
The banks had originally agreed to the deal more than two years ago, but the Federal Reserve Board insisted that the Chilean bank’s holding company be restructured so that it would be more transparent to banking regulators. The Fed finally approved the deal late last month.
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BCI is Chile’s fourth-largest bank with $36.8 billion in assets. Miami-based City National has $6.1 billion in assets and operates 26 branches in Miami-Dade, Broward, Palm Beach and Orange counties. Its previous owner was Spanish giant Bankia, which needed a government bailout after the financial crisis.
“This is excellent for City National Bank and also for this community, because it puts us in the unique and enviable position of continuing to act as a local community bank, but we’ll be supported by one of the most successful banks in Latin America,” Gonzalez said.