Chilean bank BCI is in talks to acquire the American subsidiary of Banco Popular, Florida-based TotalBank, according to reports.
People familiar with the situation told Bloomberg that the talks between BCI and Banco Popular to buy TotalBank were in advanced stages, but a deal hasn't been reached.
The deal could be valued at $500 million, according to a report from Chilean news outlet El Mostrador citing Bloomberg.
A spokeman for the Banco Popular would not comment on the news but confirmed to Citywire Americas that TotalBank was among the assets the Spanish bank is selling to increase capital.
BCI also declined to comment. In a statement, the bank said it’s always evaluating opportunities as it works to expand its international presence.
In 2015, BCI became the first Chilean bank to acquire a US financial institution when it bought City National Bank in Florida.
Other banks are also interested in TotalBank. UBS AG is working with Banco Popular to finding a buyer for the subsidiary, according to the reports.
UBS AG representatives reached by Citywire Americas also declined to comment.