Abanca will start operations in the United States
ABANCA has a license to open an office in Miami before the end of 2018. The Spanish bank will develop its activity with companies and non-residents
The license was granted by the Federal Reserve of the United States (FED) and comes after working a year in the project. Abanca will be able to carry out total activities with companies and non-residents.
Miami is a city where there is a large presence of non-resident Latinos, Spaniards and Portuguese and the strategy will focus on these human groups. The purpose of Abanca with this new initiative is to continue growing in high potential markets and in the segments of medium and high income companies.
The Federal Reserve of the United States emphasizes that the capital of Abanca is above the minimum levels that are required in the Basel Accord and are considered equivalent to the capital that is demanded of a banking institution of the United States.
In the same way, the bank has the experience and capacity to start the proposed branch and controls and procedures have been established so that the office guarantees compliance with US legislation and its operations.
The Miami office will be located in the financial zone of Brickell, will open before the end of 2018 and will have 12 employees, 4 Spanish and the rest of the United States.
L.Sáenz
Source: Finanzas Digital
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