Coral Gables, FL-based Gibraltar Private Bank & Trust, a private bank and wealth management firm, is exploring a sale with “multiple suitors,” South Florida Business Journal reports, citing sources with knowledge of the matter.

According to the report, one source said that some Latin American banks - including from Brazil, Peru and Chile - are looking to acquire a South Florida bank. Chile’s Banco de Credito e Inversiones was reportedly mentioned by “several sources as an interested player.”

The firm had not responded to a request from Family Wealth Report to comment on the matter in time before publication. 

After posting a $12.6 million loss in 2011, the bank reportedly lost a further $3.9 million in 2012. As previously reported by this publication, in October 2010 it was served with a cease and desist order from regulators, citing unsound banking practices related to its Bank Secrecy Act and anti-money laundering policies and procedures, as well as problem loans.

The report highlights that the bank is owned by a group of local investors who purchased it in 2009 for $93 million from Boston Private Financial Holdings.

Meanwhile, at the end of May last year, Adolfo Henriques was named as chairman, president and chief executive. He took on the responsibilities from Steven Hayworth, who left the firm.

Gibraltar Private Bank & Trust has eight full-service private banking and wealth management relationship offices including Florida’s Coral Gables, Fort Lauderdale, Downtown Miami, Miami Beach, South Miami, Naples, Ocean Reef and New York.