BCI Targets $400m Capital Raise

Chile’s Banco de Credito e Inversiones (BCI) could look to raise $400m through a capital increase if the plan is approved by shareholders, it says. The Chilean bank will seek their approval to raise funds to help with the acquisition of City National Bank of Florida from Spain’s Bankia agreed in May. The $883m deal is set to close in the first quarter of 2014, pending approvals. The bank also says it would put 10% of the increase toward compensation for workers.