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The board of Chilean lender Banco Internacional approved a capital raise of 60bn pesos (US$100mn).
In a statement last month announcing the raise was planned, the bank, a subsidiary of Chilean financial holding Inversiones La Construcción (ILC), said it would use proceeds to help fund its growth plans.
The bank has grown its loan portfolio at a pace of more than 20% annually since ILC became a stakeholder two years ago, Banco Internacional president James Callahan was quoted as saying by local paper El Mercurio.
Callahan also said that, as the bank has grown, levels of capitalization have fallen, adding that the increase was partly planned with the country's general banking bill in mind. Under the draft legislation, which has been approved by the lower house, banks will be required to comply Basel III standards.
Banco Internacional's loan portfolio stood at 1.41tn pesos at the end of December, while total assets stood at 1.65tn pesos. Total liabilities were 1.55tn pesos.