From high-rise offices towering over the blue waters around this semitropical city, big regional banks are looking south to Latin America.

Banks such as First Union Corp., Barnett Banks Inc., CoreStates Financial Corp., and NationsBank Corp. have set up shop here to be closer to a region once shunned for its record of defaults on borrowings from commercial banks.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.