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.
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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.
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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."
