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UPDATE 1-Banco de Chile to propose around $529 mln cap increase
September 13, 2012 / 8:47 PM / 5 years ago

UPDATE 1-Banco de Chile to propose around $529 mln cap increase

SANTIAGO, Sept 13 (Reuters) - Banco de Chile, Chile’s second-largest bank, said on Thursday it would propose a capital increase of about $529 million to shareholders at a meeting on Oct. 17.

The bank, which is controlled by the local Luksic family and Citigroup Inc, will likely use the money raised to fund growth opportunities, a company source told Reuters.

Banco de Chile could issue up to $1.2 billion in bonds sold locally or abroad this year, the bank said earlier this year.

In April, it placed an inflation-indexed, peso-denominated bond worth the equivalent of $187 million on the local market.

Shares in Banco de Chile closed 1.2 percent lower on Thursday, ahead of the bank’s announcement.

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