Thursday , November 26 2020

The parents of the Bank of Chile have set a date for the commencement of the plan for the settlement.




The last trail of the crisis of the 80s is about to end. SM Chile, the parent company of Banco del Chile, provided everything that remained to pay the renowned subordinated debts last year with the central bank.

In addition, today we conveyed the essential facts to the Financial Markets Council (CMF) and reported on March 28 the date to define all matters relating to the dissolution and liquidation of the company.

On this day, SM Chile's regular shareholders' meeting will be held and a special meeting will be held. The latter will deal with the appointment of the SM Chile Clearing Committee, its functions, rewards and the form and period of distribution of Banco Delia shares owned by the company and the assets of the parent company to its parent shareholders. SAOS SA subsidiaries These have sworn in favor of the central bank.

At present, the management company of the subordinated bonds (SAOS) pledges a central stake equal to 28.75% of the 28,593,701,789 shares of Banco de Chile. In this way, SM-Chile shareholders will be direct shareholders of Banco de Chile, Series B will receive action from banks and 2.38 more titles.

The companies managed by Citibank and the Luksic Group have maintained their obligations since 1996, and the resources provided to central banks in the past few years are much higher than agreed.

Indeed, in the last letter to the shareholders of the 2017 annual report of SM-Chile, the parent company of the financial institution, Andrnico Luksic, manager of Banco de Chile, was already confident that his subordinated bonds would be terminated in April of this year. This is 17 years before the final semester (2036).

Luksic's goal is as planned: Last year, SM-Chile provided all the resources needed to pay a balance of UF 3.1 million (approximately $ 84 million) to pay and to close down debts with the issuer.

It has been 22 years since Banco de Chile paid the dues, but this year (23 times) this could be over. That day will be a corporate history. However, SM-Chile and Subordinated Obligation SAOS SA subsidiaries will both be dissolved. duty


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