WASHINGTON Banco de Bogota, the third-largest bank in Colombia, received approval from the Federal Reserve Board on Monday to open an agency office in Miami. This office would be used to further the banks trade-related business, the Fed said in a press release.
The Fed also said that the bank intends to consolidate and enhance the business lines that have been the primary focus of its Miami operations: trade finance, private banking, foreign exchange, and portfolio investment.
The $3.7 billion-asset bank is the oldest in Colombia, with 274 branches there, and subsidiaries in Panama and the Bahamas. Banco de Bogota currently has an office in New York City and an Edge Act corporation in Miami. With the approval it would close the Miami corporation and open an office in its place.