Chilean Completes Capital Raise

Chile’s Consorcio Financiero has raised $271m-equivalent to finance the expansion of its subsidiaries, it says. The resources, coming from the subscription of 25.6m shares, will be added to other resources to allow the financial holdco to distribute $425m to subsidiaries. It has earmarked $212m for its Consorcio Vida and CN Life life insurance units, Banking subsidiary Banco Consorcio is to receive $160m, its brokerage $37m and its insurance arm $16m. The company targets an IPO in 2016.