Chile's SBIF banking regulator said Friday it gave Bank of America Corp. approval to open a representation office in the country.

B of A had been present in Chile through its stake in BankBoston, but sold that operation to Itau Unibanco Holding SA of Brazil in 2006.

According to SBIF, a representation office "maintains and develops the institution's contacts with official banking, trade and industry representatives in the country.

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