January 9, 2014 / 10:45 PM / 4 years ago

Banco de Chile controller to sell up to around $1 bln in shares

SANTIAGO, Jan 9 (Reuters) - The controller of Chilean bank Banco de Chile said it has launched a process to sell up to 6.9 billion shares, which at current market value are equivalent to roughly $963 million.

LQ Inversiones Financieras said in a statement to the regulator that the potential operation would see its stake in the bank dwindle to 51 percent from its current 58.4 percent.

LQ, which is owned by the wealthy Chilean Luksic family's Quinenco holding group and Citigroup Inc, did not provide a reason for the decision.

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