The Federal Reserve has authorized the establishment of a Miami branch by Colombia's third-largest bank.
Banco Davivienda of Bogota, was given permission Tuesday to convert a subsidiary already in the U.S., Bancafe International, into an international branch in Miami.
Banco Davivienda "believes that the proposed branch will enhance its ability to serve the banking needs of the Colombian community in the Miami area and to service international business associated with Colombia," the Fed's approval order said.
Banco Davivienda had about $12.8 billion of assets as of Dec. 31, according to the order.
The Federal Reserve said in the order that Banco Davivienda's "capital is in excess of the minimum levels" required by Colombia's Basel Capital Accord and is "equivalent to the capital levels that would be required of a U.S. banking organization."
The Federal Reserve said that management and other financial resources at Banco Davivienda "are consistent with approval, and the bank appears to have the experience and capacity to support the proposed branch."