Chilean banks will have to spend more than $6 billion to meet the new capital requirements under the country's new banking law , which is aligned with Basel III standards, far above a previous $2.80 billion government estimate, La Tercera reported, citing a study by Deloitte.

The official estimate, made by the previous government of President Michelle Bachelet, only comprises the basic costs for Basel III adoption, César Vega, a financial risk partner at Deloitte, told the publication.

He said Basel III countercyclical buffers and other additional capital buffers are likely to bring total costs to around $6 billion, "a number that should not scare anyone, however, since banks are in good condition to complete it within the time limits established by law," Vega said.

In early October, after more than a year of debate, Chilean lawmakers approved the new banking law, the biggest change to the country's financial sector in decades. Under the law, banks will be required to raise more capital in line with new international standards. However, Chile's new financial regulator, the CMF, will determine the additional capital buffers that will come on top of regular capital requirements in a 30-month time frame, leaving it still uncertain how much each bank will have to raise.