The majority shareholder of Chilean bank Banco de Chile has launched a process to sell up to 6.9 billion shares, which at current market value are equivalent to roughly $963 million.Banco de Chile said on Thursday it had accepted the decision, which would reduce LQ Inversiones Financieras' stake to 51 percent from its current 58.4 percent.It was unclear why LQ, which is owned by the wealthy Chilean Luksic family's Quinenco holding group and Citigroup Inc, has decided to launch the process.Calls to Quinenco went unanswered.
Banco de Chile is a Chile-based financial institution engaged in the provision of banking services to its customers, ranging from individuals to large corporations. Shares of BCH fell by 0.89% or $-0.75/share to $83.65. In the past year, the shares have traded as low as $78.80 and as high as $100.27. On average, 16927 shares of BCH exchange hands on a given day and today's volume is recorded at 19513.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C traded higher by 0.71% or $0.39/share to $55.20. In the past year, the shares have traded as low as $40.28 and as high as $55.00. On average, 21850600 shares of C exchange hands on a given day and today's volume is recorded at 21805698.
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