Scotiabank Chile said it plans to increase its capital by about 250.00 billion Chilean pesos through the issuance of 735,294,118 new shares at 340 pesos each.

Shareholders of Bank of Nova Scotia's Chilean unit will vote on the proposal at an extraordinary meeting scheduled for Jan. 6, 2020.

The company did not specify how it plans to use the proceeds from the planned hike, However, CEO Francisco Sardón earlier said the company will implement a three-year plan to transform it into a fully digital bank.

As of Dec. 18, US$1 was equivalent to 752.31 Chilean pesos.