Caja Madrid To Acquire City National Miami

Yet another Spanish bank has announced plans to acquire a southern US bank. On April 14, Caja Madrid, Spain's second largest savings bank, agreed to purchase 83% of City National Bank of Florida's parent company. The all-cash deal, worth US$927mn, follows Spanish banks BBVA, Sabadell and Banco Popular into the Florida and other southern US banking markets. Florida is a attractive market for Spanish banks due to the high number of Spanish-speaking inhabitants and Miami, which serves as a gateway to millions of potential clients in Latin America.

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