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Chilean regulator approves Consorcio life insurance unit's planned capital raise

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Chilean regulator approves Consorcio life insurance unit's planned capital raise

Chile'ssecurities regulator, the SVS, has authorized Compañía de Seguros de Vida Consorcio Nacional de Seguros SAto proceed with a proposed capital increase of 55 billion Chilean pesos throughthe issuance of new shares, the company said.

The SVS'approval was published in the Official Gazetteon July 2 after shareholders acceptedthe proposal in June for the capital increase through the issuance of 20.21 millionnew shares.

The company'sboard agreed to launch on July 14 a 30-day preference period for existing shareholdersto subscribe the new shares.

Compañíade Seguros de Vida Consorcio Nacional de Seguros is a unit of Consorcio Financiero,which will finance the capital increase through funds obtained from 's recent of an 8.24% stake inthe group.

The IFCpaid around $140 million for the stake, half of which will be used for the capitalincrease by Consorcio Seguros de Vida and the other half for a capital increaseby Banco Consorcio, accordingto a previous Consorcio Financiero statement.

As of July 6, US$1 was worth 662.11Chilean pesos.