MIAMI -- Banco de Chile will open a Miami agency, hecoming the first Latin American bank to be approved since the Federal Reserve Board tightened the rules governing foreign banks three years ago.
The Miami agency is the Chilean bank's second office in the United States. A New York :agency was established 12 years ago. Alejandro Silva, senior vice president and general manager in Miami, said the agency would be used to develop trade and finance between greater Miami and Latin America.
He noted that Chilean exports grew by 31.4% between 1991 and 1993 and that Florida represented approximately 25% of the total trade between Chile and the U.S.