Shareholders of Banco de Credito e Inversiones SA on March 27 approved the bank's capital increase worth 340 billion Chilean pesos, Diario Financiero reported.

The capital hike will be used to finance the bank's acquisition of Miami-based TotalBank and Presto, Walmart's Chilean financial division.

According to the report, President Luis Enrique Yarur told shareholders that the impact of the U.S. tax reform in 2017 will be mitigated in the next three years.

As of March 26, US$1 was equivalent to 605.32 Chilean pesos.