Itaú Chile Inversiones Servicios y Administración S.A. and BICSA Holdings Ltd. have completed the sale of their entire stakes in Itaú Chile Compañía de Seguros de Vida SA to a group of investors, according to a statement.

Itaú Chile Inversiones previously owned 99% of the life insurer, while BICSA held the remaining 1% stake.

Investor Boris Buvinic Guerovich acquired a 34% stake in Itaú Chile Compañía de Seguros, while Inversiones Y Servicios Financieros San Cristóbal II SA bought 33%. Contempora Inversiones SA and Asesorías e Inversiones El Alba Limitada purchased the remaining 29% and 4%, respectively.

Following the deal, which was announced in June 2019, Buvinic Guerovich has been appointed chairman at Itaú Chile Compañía de Seguros. Other board members include Julio Jaraquemada Ledoux, Gonzalo Martino González, Cristián Silva Bafalluy and Juan Alfredo García Sandoval.