Finance / United States
If you would like to subscribe to Corporate Financing Week and gain instant access to this article, please click here to subscribe.
If you would like to take a trial to Corporate Financing Week please click on the trial link below.
Caja Madrid To Acquire City National Miami
April 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
If you would like to subscribe to Corporate Financing Week and gain instant access to this article, please click here to subscribe.
If you would like to take a trial to Corporate Financing Week please click on the trial link below.
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.