Scotiabank Chile on Jan. 6 approved a capital hike worth 250 billion Chilean pesos for the issuance of new shares, the company said in a filing.

Shareholders approved the issuance of 735,294,118 new payment shares at 340 pesos per unit. The company said they should be fully subscribed and settled within three years.

The institution said it expects to begin selling its new shares as soon as the regulator approves the operation. It did not specify how it would apply those funds to its business model.

As of Jan. 3, US$1 was equivalent to 756.35 Chilean pesos.