Venezuela’s Benacerraf banking family has agreed to acquire the Miami arm of collapsed Portuguese lender Banco Espirito Santo (BES) in a $10m deal.

The deal, which is still subject to regulatory approval, will mark the end of a nine-month effort to find a buyer for the Florida bank after Banco Espírito Santo collapsed amid allegations of fraud in August 2014.

The proceeds from the sale will go toward the liquidation of Banco Espírito Santo and the bank will receive additional $5m minus any amount spent in pending legal settlements.

Banco Espirito Santo’s Miami arm, whose customers are mainly from Latin America and Portugal, was put up for sale in August 2014, when Portugal’s central bank took over its beleaguered parent.

A spokesperson for the Miami-based subsidiary, known as Espirito Santo Bank said: "The expertise of well-established banking families is a superb catalyst for our growth and rededication to serving our customers," a spokesperson for the Miami-based subsidiary."