The U.S. Federal Reserve said on Tuesday it is allowing Colombian bank Banco Davivienda to open a branch in Miami through its Bancafe International subsidiary.
The bank has total assets of approximately $12.8 billion and is the third-largest bank in Colombia by asset size, the Fed said.
The bank aims to use the branch to expand Bancafe’s international banking business and to serve the banking needs of the Colombian community in the Miami area, the Fed said.
In approving the application, the Fed said it had taken note of Colombia’s efforts to establish consolidated supervision of banks and to combat money laundering. (Mark Falsenthal / Reuters)