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World Bank's IFC acquires 8.3% stake in Consorcio Financiero

Consorcio FinancieroS.A. said in a March 31 securities filing that the World Bank's financialarm International Finance Corp.will acquire an 8.3% stake in the company for $140 million.

International Finance is paying 1.5x the book value for its sharesin the Chilean company, the filing said.

The capital raise will be channeled to the company's businessand development plans for its banking and insurance units.