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Behind Miami's Surge in International Banking

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Behind Miami's Surge in International Banking April 1981 Behind Miami's Surge in International Banking Miami's international banking activity has expanded substantially since 1969. Regulatory changes have made the Edge Act corporation a more viable entity. Florida's legal and tax structure has become more accommodating to international financial development. And banking activity with Latin American individuals and nonfinancial firms has surged. In the past two decades, Miami has emerged Edge Act Corporations as one of the new international banking cen- » ters. The move to Miami by major U. S. and foreign banks has been stimulated by both It was not until 1969 that a non-Florida regulatory changes and economic factors. U. S. bank entered the Miami international banking market. In that year, the Georgia- International Banking from Miami: based Citizens and Southern National Bank The Cast of Participants opened the first Edge Act corporation in Miami. Edge Act corporations are restricted to International banking from Miami consists international transactions. Since 1969, 21 of locally based commercial banks, Edge Act more banks have entered Miami's banking corporations set up by out-of-state and market as Edge Act corporations; another 11 foreign banks, and foreign bank agencies and have applications approved or pending (see representative offices. Using June 1980 data, Table 3). transactions with the Caribbean Basin and the rest of Latin America constituted at least half, All New York banks with banking Edges and regularly 80 to 90 percent, of Miami's have or have applied for Miami presence. commercial bank, Edge, and agency activity Four of the six California banks and three of with foreigners. the four Chicago banks with banking Edges also have active or pending Miami presence. Commercial Banks The future growth of Edge Act corporations in Miami, however, will be through expanding Several of Miami's commercial banks have use of Edge Act powers by foreign banks and had active international departments for by U. S. regional banks. Currently, 22 U. S. years. In recent years, their number has regional commercial banks have banking grown steadily. Currently, more than 20 Edge Act corporations or Edge branches in the commercial banks have "active" international U. S.; nine have established or applied for departments (see Table 1). This growth has Miami presence. Foreign banks, now eligible been stimulated by competitive factors, by for Edge Act corporation establishment, have the increasing numbers of Latin Americans just begun to utilize the Edge Act vehicle. The traveling to Miami, and by an international rapid expansion of Edge Act corporations and orientation stimulated by foreign acquisition their branches in Miami has been induced of Florida commercial banks. In fact, nine of not only by the expanding internationalism of the commercial banks with active interna- the city but also by regulatory changes mak- tional departments are foreign-controlled (see ing the Edge Act corporation a more viable Table 2). entity (see box). FEDERAL RESERVE BANK OF ATLANTA 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis April 1981 be on a par with those federally chartered.1 TABLE 5 Now all foreign bank agencies in Florida may deal fully in domestic and international The Miami Bank Participants in International Banking (as of December 31, 1980) credits and can accept nonresident (foreign) Commercial Banks Edge Act Corporations (continuedÌ deposits. Creditbank Agencies are limited to credit balances Bank of Miami Barnett Bank Marine Midland Inter American Bank reflecting international transactions. Rep- Capital Bank Mellon International Company-' Central Bank and Trust Merchants International Bank' resentative offices are prohibited from un- Central National Bank Morgan Guaranty International Bank City National Bank ot Miami dertaking deposit or lending activity and may New England Merchants Bank International Coconut Grove National Bank Northern Trust InterAmerican Bank only represent their parent bank. Through Dadeland National Bank Republic International Bank of New York First National Bank of Greater Riggs International Banking Corporation' December 1980, 16 foreign banks had set up Miami J Henry Schroder International Bank Florida agencies; three more foreign banks First State Bank of Miami Security Pacific International Bank Flagship Banks. Inc Shamut Boston International Banking had agency applications either approved or Florida National Bank Corporation' International Bank of Miami United California Bank International pending. Another four foreign banks have set intercontinental Bank Wells Fargo InterAmerican Bank Pan American Bank up or are in the process of opening Miami Peoples Downtown National Bank representative offices. Republic National Bank Royal Trust Bank of Miami Foreign Bank Agencies Southeast First National Bank Banco de Bilbao Southeast First National Bank Banco Central' International Banking from Miami: The Totalbank Banco de la Nacion Argentina Banco de la Provincia de Buenos Air Deposit (Liability) Structure Banco de Santander Edge Act Corporations Banco de Viscaya Algemene Bank Nederland' Banco do Brasil Miami's internationally oriented banks ac- American Security Bank International Banco do Estado de Sao Paulo Banco de Bogota International Banco Exterior de Espana cept over four-fifths of their foreign deposits Banco de Santander International Banco Industrial de Venezuela' from individuals and nonfinancial firms (see Banco de Venezuela International' Banco Real BankAmerica International Bank Hapoalim Table 4). Total U. S. bank liabilities to indi- Bank of Boston International of Miami Bank Leumi Le-lsrael 1 Bank of New York International Bank of Nova Scotia viduals and nonfinancial firms, in contrast, Bankers Trust International—Miami Barclays Bank International' represented only 15 percent. Nearly two- Chase Bank International—Miami Credit Suisse' Chemical Bank International of Miami Israel Discount Bank Citizens and Southern International Bank thirds of the Miami deposits from foreigners Lloyds Bank International Citibank International Royal Bank of Canada are placed in time deposits. Continental Bank International Standard Chartered Bank European American Bank International' The foreign agencies in Miami, however, First Chicago International' First Palm Beach International Bank' depend primarily on their affiliated bank First Union International Bank' Foreign Bank Representative Offices Irving Trust Company International/Miami Banco internacional de Costa Rica offices abroad for funds. Since Florida foreign Manufacturers Hanover International Bank of Tokyo Ltd Banking Corporation Credit Suisse' bank agencies can now accept foreign de- Dow Banking Corporation' posits, their share of such deposits should expand in the future. In spite of the large influx of out-of-state ' Approved, unopened and out-of-country banks into Miami's inter- 1 Application pending national banking market, Miami's commercial banks still dominate the city's foreign deposit activity (see Table 5). Edge Act corporations, however, have de- veloped the largest deposit activity with foreign official institutions. Foreign Bank Agencies International Lending—What Is the Depth of Miami's International Banking Center? In 1977, Florida furthered its international banking development by authorizing foreign While Miami-based commercial banks bank agencies and representative offices. At dominate in liability activity with foreigners, first, foreign bank agencies set up under the Edge Act corporations do more than half Florida state charters were limited to interna- tionally oriented credits and to nondeposit activities. Since enactment of the U. S. Inter- national Banking Act of 1978, which set up 'See E. N. Roussakis, "Foreign Banks in Miami's International Banking mechanisms for establishment of federally Community," Miami School of Business and Organizational Sciences, Florida International University, 1980. Professor Roussakis has also recently chartered agencies, Florida has altered its written two companion manuscripts on Miami's international banking, "Edge Act Corporations in Miami's International Banking Community" and regulations on foreign bank agencies so as to "Local Banks in Miami's International Banking Community." 10 APRIL 1981, ECONOMIC REVIEW Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis April 1981 TABLE 2 Known and Pending Foreign Acquisitions of Florida Commercial Banks (Through November 5,1980) New Name of Bank Nationality Acquired Bank (if changed) Name of Acquirer of Acquirer American Bank of Orange County Royal Trust Bank of Orlando Royal Trust Company Canada Bank of Culler Ridge Creditbank J L. Calonge Spain Bank of Miami Beach Intercontinental Bank J. Castell Lastortras Spain Family Bank o( Perrine' No name change F Corea Maya and Colombia F. H. Saldarnaga Baymeadows Bank Royal Trust Bank of Royal Trust Company Jacksonville Biscayne Bank No name change M. Espirito and S. Silva Portugal Central National Bank ot Miami No name change Sabrían Properties/ Colombia Eagle National Holding Company Dale Mabry State Bank Royal Trust Bank of Tampa Royal Trust Company Canada Dania Bank No name change J. J- Gonzalez Venezuela Gorrondona, Jr Deerfield Beach State Bank- No name change MFG Investments/ Venezuela J. Alvarez Stelling Fidelity National Bank of International Bank of Miami Banco Internacional Spain South Miami de Comercio1 First Bank of Gulfport Royal Trust Bank of Royal Trust Company Canada St
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