Why Foreign Banks Love Miami

MIAMI—Foreign banks continue putting new stakes in the South Florida ground. The latest to expand is Banco do Brasil Americas, a subsidiary of Banco do Brasil, SA.

Banco do Brasil Americas signed leases for three new South Florida branches. The Miami-based bank's newest stores include a 3,422-square-foot branch in Doral; a 3,496-square-foot branch in Aventura; and a 1,619-square-foot branch in Lighthouse Point.

Blanca Commercial Real Estate senior vice president Luciana Carvalho represented Banco do Brasil Americas in the deals. Financial terms of the agreements were not disclosed.

“With Miami widely known as the gateway to Latin America, we have seen major multinational corporations set up regional headquarters in Miami to access Latin America,” says Carvalho. “Now, we're seeing more and more Latin American companies—from Brazil, Chile, Argentina—coming to South Florida to access the U.S. market.”

Banco do Brasil Americas currently operates five branches in South Florida, with locations in Brickell, Pompano, Doral, and two in Boca Raton. Three new additional branches in Orlando, Lighthouse Point, and Aventura are set to open in the first quarter of 2015.

“Since opening its first branch in Miami at 800 Brickell in May 2013, Banco do Brasil Americas has been rapidly expanding,” says Banco do Brasil Americas CEO Cassio Segura. “Banco do Brasil Americas clearly sees strong demand from its target demographic throughout South Florida and continues to look for other opportunities in the market to better serve the community.”

Of course, it's not just Latin American banks. Canadian banks have been setting up shop in droves in recent years. The reasons, though, are similar.

“A significant draw for Canadian banks is the international exposure that South Florida offers,” Frank Gonzalez, CPA/CFF, principal-in-charge of the Audit Department and head of the Financial Institutions and SEC practices at MBAF in Miami, tells GlobeSt.com. “Many Canadian banks want to not only deal domestically as a community bank, but also take advantage of the intentional trade and business that is available through South Florida.”