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Bci clears final regulatory hurdle for TotalBank acquisition

Banco de Credito e Inversiones SA said that it has received all of the necessary approvals for its $528 million purchase of Miami-based TotalBank and plans to close the deal in the coming days.

The Chilean bank said that on June 1 it gained authorization from the SBIF, Chile's financial regulator. It previously garnered approvals from both the Office of the Comptroller of the Currency in the United States and Banco Central de Chile.

Banco Santander SA agreed to sell TotalBank to the Chilean lender in December 2017. It was previously owned by Banco Popular Español SA, which was acquired by Santander in June 2017 for a symbolic €1.

Bci is purchasing TotalBank through its U.S.-based City National Bank of Florida unit.