Banking

Long-awaited sale of City National Bank to Chilean group finally closes

After more than two years of waiting, the sale of City National Bank of Florida to a major Chilean financial institution finally closed Friday morning for $946.9 million.

That’s a 7 percent bump from the original price of $882.8 million agreed upon in 2013 when Banco de Crédito e Inversiones, Chile’s fourth-largest bank, first said it would purchase City National. The Miami-based bank’s net worth has grown by 30 percent since then. Its previous owner was Spanish giant Bankia, which was forced to take a government bailout during the financial crisis.

The deal marks the first time a Chilean bank has purchased a domestic U.S. financial institution. Federal regulators held up the deal as they insisted that Bci’s holding company be restructured so that it would be more transparent to government officials. The sale was finally approved last month.

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