Chile's ILC poised to boost stake in bank subsidiary

Chilean financial holding Inversiones La Construcción (ILC) has been given the regulatory green light to increase its stake in local lender Banco Internacional.

ILC currently controls 50.5% of the small but growing bank.

In a regulatory filing to securities commission CMF, the CEO of ILC, Pablo González, said that banking regulator Sbif had authorized ILC to acquire at least 405mn shares, the equivalent of 13.8% of shares issued.

ILC said it plans to buy the shares from Baninter, through which a group of local businessmen previously controlled the bank. Baninter holds 48.8%, according to Sbif data.

A public share offer is due to be held within 20 days.

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ILC also has assets in the private pension fund management, and life and private health insurance sectors. It also has a private healthcare subsidiary.