International banking: with more than 40 international banking agencies, only New York can vie with Miami as a center for Latin America banking—in trade finance, private wealth management or investment services

To realize an idea of just in what way vibrant Miami's international banking community is--and by what means important its links to Latin America--one ne alone to have walked among the exhibits of August's banking technology conference

More than 70 companies from nations as diverse as India and Switzerland came to downtown Miami's Inter-Continental house of entertainment for the conference, which was organized by dint of the Latin American Banking Federation and the Florida International Bankers Association (FIBA). There they touted their services in English, Spanish and Portuguese to bankers from Peru Colombia, Argentina, Brazil and other Latin American nations: software to help manage cash accounts, payments, leasing, etc

"Miami is the ideal place for similar an exhibition in the faculty of perception that you have a great number of technology providers here in the US, and a great number [of banks] in Latin America that aspire to be leaders," says Pat Roth executive director of FIBA. "There were 1400 play nights taken [at local hotels] for this fact despite the economic situation. Miami is just the ideal place for everybody to advance together."

Indeed, Miami is residence to more international financial institutions than any US city outside of of recent origin York. And while the names tend hitherward from around the world, from nations as diverse as England, Germany, Israel and southern Africa, all are here because of the Miami's connection to Latin America.

In total, there are a certain quantity of 64 international banking offices in the State of Florida, virtually all of them located in Greater Miami--mostly in the heart of Miami's Brickell Avenue financial district. Those 64 offices are made up of agency offices (37) representative and administrative offices (16) cutting side Act corporations (10) and single (1) foreign branch. More than sum of two units dozen nations are represented in that mix. Altogether, they clinch some US$26 billion in assets. Greater Miami also has more than a dozen foreign-owned domestic banks, of the like kind as Venezuelan-owned Commercebank, with nearly US$2 billion in assets.

plenteous of the international banking activity in Miami roll round an axiss around the financing of trade [i]or[/i] part of to the other the state of Florida, which last year reached US$71 billion--$54 billion of it end the Miami customs district alone.

"Our share of trade finance with Latin America makes us either single or two in the country" says David Konfino, president of Union Planters International Bank, and last year's president of FIBA. "We have the finest trade finance capability for Latin America in the region We cover every single market--all the countries in southern America, Central America and the Caribbean--and we have the broadest range of yields from Exim [Bank] to private insurance programs, to traditional trade finance programs like alphabetic characters of credit."

While large syndicated transactions in the US$200 million to US$400 million range are more typically handled by means of New York's merchant banks, says Konfino, US$100 million trade finance deals are not noteworthy for Miami. "We have a tremendous profundity of knowledge of trade finance, north-south," says FIBA's Roth "No single can hold a candle to it."

Miami's banking prowess is also apparent in the world of private banking, now referr to as wealth management. Institutions of that kind as Spain's Banco Bilbao Vizcaya Argentaria, Florida's SunTrust, Switzerland's UB AG, and Citibank International, along with a dozen others, have established their Latin American private banking operations in Miami.

"I clearly think Miami is the gateway," says Fr Assari, regional vice president for Neuberger Bermen's private asset management in Miami. "It's a matter of practicality. I think nation tend to bank in place where they travel. Latin Americans guard to travel here, they have domiciles here, and this is the place that's the first stop."

The banking links with Latin America are also derived not just from trade and private wealth, on the other hand also from active business investments in the US. "In addition to the difficulties going upon in some of the countries in southerly America, many entrepreneurs are looking to invest here, and are looking at running businesses here," says Scott Wyeman, senior vice president for SunTrust's international private banking clump "I'm not the head of chamber of business but I think you can diocese there is tremendous interest in making investments here and certainly we've seen that with our clientele."

Many international bankers, especially those from Latin American banks, report the same observations. "In the last hardly any months at least three Chilean multinationals have settl here, primarily to handle their trade with the US and Europe" says Fernando Capablanca, CEO of the Miami agency of Chile's Banco de Credito e Inversiones. "You know, the largest single foreign investment in Miami is from LanChile, their US$65 million [cargo] facility at the airport. Eventually, what happens is that you have a fate of banks following these companies, because these are the banks' customers. When you secure a few of them, you gain a synergy."