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City National Bank of Florida enters into sale agreement with Caja Madrid

City National Bank of Florida has entered into a definitive agreement with Spanish financial group Caja Madrid for the sale of 83% of its stock for $927 million.

Leonard Abess will remain chairman and CEO of City National Bank of Florida and will retain 17% ownership. The purchase price values the total company at $1.117 billion.

The bank said that no change in the bank’s name, senior management or operations is anticipated. The transaction has been approved by the board of directors of each company and is subject to regulatory approval in Spain and the US.

Mr Abess said: This is an outstanding opportunity for City National Bank, our employees and our customers. By combining these two very strong financial institutions, we will take our resources and products to a new level.