Mergers & Acquisitions

Slide #2. Banco de Credito e Inversiones — City National Bank of Florida

Acquirer:

Banco de Credito e Inversiones

Acquiree:

City National Bank of Florida

Details:

City National Bank announced today that its parent company Bankia has signed a definitive agreement to sell the Miami-based community bank to Banco de Credito e Inversiones (Bci). Bci agreed to purchase City National Bank of Florida for $882.8 million, which represents 1.5x book value at March 31, 2013. Bankia was required to sell its foreign assets, including City National Bank (CNB), as part of an agreement with European financial regulators to recapitalize the Spanish bank.

Both companies are privately held or listed on a foreign exchange.

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Mergers & Acquisitions

Slide #2. Banco de Credito e Inversiones — City National Bank of Florida

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