Chilean lender Banco de Credito e Inversiones (Bci) has completed the acquisition of Miami-based City National Bank (CNB) for $946.9m, following the receipt of approval from US regulators on 21 September 2015.
The acquisition marks the single largest US acquisition ever by a Chilean company and the first time a Chilean lender has acquired a US domestic financial institution.
The closing price represents a notable increase from the original price of $882.8m agreed upon in 2013 when Bci first agreed to buy CNB. The Miami-based bank’s tangible net worth has grown by 30% since then.
Post takeover, City National Bank will continue to remain a South Florida-based community bank, operating under the City National Bank name and led by current president and CEO Jorge Gonzalez.
As of 30 September, CNB managed $6.2bn in assets, $4.6bn in deposits and $4bn in loans.
Commenting on the deal, Bci CEO Eugenio Von Chrismar said: "City National Bank will play an essential role in our international expansion through the ownership of a domestic bank strategically located in the Gateway of the Americas.
"Both CNB and Bci are recognized for our employee and client-centered cultures with a focus on providing the best experience and these similar values will prove vital to the growth of both banks together."