Long-awaited sale of City National Bank to Chilean group finally closes

October 16, 2015 5:23 PM

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After more than two years of waiting, the sale of City National Bank of Florida to a major Chilean financial institution finally closed Friday morning for $946.9 million.

That’s a sizable bump from the original price of $882.8 million agreed upon in 2013 when Banco de Crédito e Inversiones, Chile’s fourth-largest bank, first said it would purchase City National. The Miami-based bank’s net worth has grown by 30 percent since then. Its previous owner was Spanish giant ...

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