Chile's BCI Gets Regulators' Approval for City National Purchase

M&A

All I Want for the Holidays Is My Bank Deal Approved

The end of the year is a busy time for closing bank acquisitions at least buyers are hoping that is the case. With the average deal taking about 120 days to complete, there are plenty of banks anxiously awaiting a call from regulators.

By Robert Barba

December 5
M&A

City National Bank of Florida Shuffles Execs Ahead of Takeover

City National Bank of Florida in Miami has made two executive changes as its sale to a Chilean bank nears.

By Sarah Todd

September 23
Consumer banking

Chile's BCI to Buy City National Bank of Florida for Nearly $900M

Chilean bank Banco de Credito e Inversiones has agreed to buy the $4.7 billion-asset City National Bank of Florida from Spain's Bankia for $882.8 million.

By Chris Cumming

May 24

Chile's Banco de Credito e Inversiones has received regulatory approval to acquire City National Bank of Florida, more than two years after the deal was announced.

The Federal Reserve Board approved the acquisition on Monday and Chile's BCI expects the deal to close within 30 days.

In May 2013, BCI agreed to pay about $883 million to acquire the $6.1 billion-asset City National Bank from Spain's Bankia. BCI plans to keep the City National brand. City National operates 26 branches in Florida, including offices in its home town of Miami, as well as Boca Raton, Fort Lauderdale and Orlando.

Bankia put City National on the auction block after an agreement with the European Union required Bankia to sell foreign, noncore business units.

Lalita Clozel

Reporter, American Banker

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