Chilean lender Banco de Credito e Inversiones (BCI), a subsidiary of Empresas Juan Yarur (EJY), has received the green light from the US Federal Reserve to acquire Miami-based City National Bank of Florida.

The $882.8m deal received the regulatory approval two years after the lenders struck an agreement.

City National, said to be the 18th largest insured depository institution in Florida, manages about $4.3bn in deposits.

Following completion of transaction, EJY through BCI is projected to become the 180th largest insured depository organisation in the US, with consolidated assets of about $7.5bn in the US.

The acquisition deal is scheduled to close in 30 days.

City National Bank of Florida president and CEO Jorge Gonzalez remarked: "This acquisition puts City National Bank in a unique and enviable position, making us a community bank with global reach backed by one of the strongest and most respected banks in Latin America.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"We will leverage this new partnership to take the client experience at City National Bank to even higher levels and provide a wider array of products and services for businesses and individuals."