Central Bank Won't Subscribe To Banco De Chile Capital Increase
20 Giugno 2011 - 4:06PM
Dow Jones News
The Central Bank of Chile won't participate in local bank Banco
de Chile's (BCH, CHILE.SN) $500 million capital increase and will
sell its share options on the Santiago Stock Exchange, the monetary
authority said.
The central bank has a minority stake in the bank as a result of
a debt bailout during an economic crisis in the 1980s.
Chile's central bank will sell 392.78 million options at around
62 pesos each (13 cents), likely fetching around $52 million. The
options will be auctioned off on June 28.
Banco de Chile will use the funds from the capital increase 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),
controls Banco de Chile, the country's second largest bank in terms
of loans.
Over the last 52 weeks Banco de Chile's share have traded at a
low of 53.87 pesos (11 cents) and a high of CLP72.64, while gaining
22.3% over the same period.
-By Anthony Esposito and Carolina Pica, Dow Jones Newswires;
56-2-715-8919; chile@dowjones.com
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