Spain's Bankia Nets $883M In Sale Of Florida Bank

Law360, New York (May 24, 2013, 7:48 PM EDT) -- Bankia SA, the Spanish lender nationalized last May, said Friday it had sold a small Florida bank to Chilean bank BCI for $883 million, the latest sign of a shifting balance of power between European and Latin American lenders.

European banks such as Santander SA and HSBC Holdings PLC have been paring back their overseas operations, part of a plan to shed noncore assets and shore up their balance sheets. And they have found South American financial institutions, especially those in economic powerhouses Brazil and Chile,...
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