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Chile's Bci plans capital increase to finance TotalBank purchase

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Chile's Bci plans capital increase to finance TotalBank purchase

Banco de Credito e Inversiones SA said it will implement a capital increase worth $365 million to finance its purchase of U.S.-based TotalBank for $528 million, Diario Financiero reported.

The capital injection will happen after approvals for the purchase of the bank are submitted.

TotalBank was previously owned by Banco Popular Español SA, which was acquired by Banco Santander SA in June. The Miami-based retail and commercial lender has roughly $3.11 billion in assets, 18 branches and roughly 300 employees.

According to Bci, the transaction will allow it to strengthen its internalization strategy and achieve economies of scale in relevant businesses, among other gains.