UPDATE: Banco De Chile Raises $180 Million; Part Of Capital Increase
31 Marzo 2011 - 4:30PM
Dow Jones News
Bank Banco de Chile (BCH, CHILE.SN) completed the first part of
its $500 million capital increase, raising 86.7 billion Chilean
pesos ($180.3 million) through the sale of 1.40 billion shares,
equivalent to a 1.6% equity stake in the company
The bank, the Andean nation's second-largest in terms of
lending, will use the proceeds to finance investments and to
leverage loan growth over the next three years.
Banco de Chile, which sold the shares at CLP62.00 a piece, aims
to gain 100,000 new retail clients and 20,000 new corporate
clients.
Chilean holding company LQ Inversiones Financieras SA, owned in
equal parts by the local Luksic family and Citigroup Inc. (C),
holds a 32.7% direct stake and 29.0% indirect stake in Banco de
Chile.
The holding company, known locally as LQIF, decided not to
exercise its preferential option to purchase Banco de Chile's
shares during the capital increase.
"The market responded very positively. It valued LQIF's decision
to give more liquidity and greater depth to the bank's shares by
deciding not to exercise its preferential option to purchase them,"
said Pablo Granifo, Banco de Chile's chairman.
Chilean private pension fund managers, the nation's largest
institutional investors, bought 35% of the shares offered, while
other local institutional investors purchased a 15% stake.
Foreign institutional investors, meanwhile, acquired 25% of the
shares sold.
"Various foreign funds invested in our bank for the first time
ever and are now shareholders," said Banco de Chile Chief Executive
Arturo Tagle.
In recent trading, Banco de Chile's shares were 4.0% higher at
CLP65.50, while the blue-chip Ipsa index gained 0.4%.
Over the last 52 weeks, the bank has traded at a low of CLP49.49
and a high of CLP72.64, while gaining 25.9% over the same
period.
In addition to Banco de Chile, the Luksic family also controls
copper miner Antofagasta PLC (ANFGY, ANTO.LN) and beverage company
Compania Cervecerias Unidas SA (CCU, CCU.SN), among other
assets.
-By Anthony Esposito, Dow Jones Newswires; 56-2-715-8929;
anthony.esposito@dowjones.com
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