Briefs: Fla. Institution Allies with 5 Latin Banks

Hemisphere National Bank, Miami, has allied itself with five Latin American banks and raised its capital to $15 million, from $4 million, as part of a program to increase international lending and save on infrastructure costs.

The $55 million-asset Miami bank will also increase its branches from two to four in Florida's Dade County and will set up an international trade finance, lending, and private banking division during the next few months.

The international network includes Mexico's Banca Mifel, Banco de Comercio in El Salvador, Peru's Banco del Progreso, Banco Internacional in Chile, and Banco Patricios in Argentina. Daniel M. Schwartz, a former executive vice president at Republic National Bank of New York, was named chief executive officer of Hemisphere in conjunction with the alliance. The Miami bank said it plans to add to the network.

The Alonso family, the single biggest shareholder in Hemisphere, will reduce its stake to 20% after the capital increase but is to retain control. None of the other shareholders holds more than 9.9%.

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