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"This transaction also underscores Citi’s long-term commitment to a key growth market in Latin America"
Manuel Medina Mora, Citi Latin America |
Quinenco, one of Chile’s largest business conglomerates, has 52.2% of voting rights in Banco de Chile, the country’s second-biggest bank, via holding company LQIF. Quinenco is a 100% owner of LQIF. However, with this agreement, Citi will be able to buy up to 50% of LQIF. Citi will at first take a 37.8% stake in the company in a $1 billion deal, with the option to increase this by a further 17.04% for $900 million after the initial transaction is completed. That is expected by the first quarter...
