SANTIAGO, Sept 22 (Reuters) - Chilean bank Bci said on Monday it had been cleared by the U.S. Federal Reserve to buy a unit of Spain’s Bankia in Florida, one of the final stages in closing the deal valued at $883 million.
Authorisation to buy Bankia’s City National Bank of Florida was originally requested by Chile’s third largest private bank in 2013. The process has already been approved by the Bank of Spain and Chilean authorities.
The operation should be finalised within the next 30 days, Bci said in a statement.
Reporting by Antonio de la Jara; Writing by Paul Day, editing by Louise Heavens