February 27, 2018 / 5:37 PM / in 6 months

Chile's BCI bank to propose $575 million equity issuance

SANTIAGO, Feb 27 (Reuters) - The board of Chile’s Bci bank , the third largest private financial institution in the country, said on Tuesday it will propose a $575 million equity issuance in its next shareholders meeting.

In a letter to Chile’s market regulator, Bci did not detail what the additional funds would be used for. The proposal comes after a string of acquisitions last December, including the purchases of Totalbank for $528 million and the financial business of Walmart in Chile for $148 million.

Reporting by Antonio de la Jara; Writing by Cassandra Garrison

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