Chile's BCI Gets Regulators' Approval for City National Purchase

Chile's Banco de Credito e Inversiones has received regulatory approval to acquire City National Bank of Florida, more than two years after the deal was announced.

The Federal Reserve Board approved the acquisition on Monday and Chile's BCI expects the deal to close within 30 days.

In May 2013, BCI agreed to pay about $883 million to acquire the $6.1 billion-asset City National Bank from Spain's Bankia. BCI plans to keep the City National brand. City National operates 26 branches in Florida, including offices in its home town of Miami, as well as Boca Raton, Fort Lauderdale and Orlando.

Bankia put City National on the auction block after an agreement with the European Union required Bankia to sell foreign, noncore business units.