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Banco Consorcio completes capital increase worth 47B Chilean pesos

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Banco Consorcio completes capital increase worth 47B Chilean pesos

completed acapital increase worth 47 billion Chilean pesos through the issuance of 22,523new shares to parent company Consorcio Financiero SA, the bank said July 14.

Separately,Consorcio Financiero said on July 15 that it has exercised its right tosubscribe 17.27 million new shares worth 47 billion pesos to be issued by itsinsurance subsidiary, Compañía deSeguros de Vida Consorcio Nacional de Seguros SA, as part of theunit's plannedcapital increase totaling 55 billion pesos.

ConsorcioFinanciero had said it would finance the capital increase at both its bankingand insurance units through funds obtained from the 's recentacquisition of an8.24% stake in the group.The IFC paid around$140 million for the stake.

As of July 14, US$1 was worth652.66 Chilean pesos.