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.
Go deeper with GlobalData
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"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."
