Saturday , June 19 2021

Father of the Bank of Chile set the date to start the plans for his establishment

The last track of the 80's crisis ends. SM Chile, the Parent Company of the Bank of Chile, spent the year all that remains to pay for the famous subordinate debt that drags with the Central Bank.

In addition, today he sent an essential fact to the Financial Market Commission (CMF) where he informed the date, in which he would define all matters related to the dissolution and liquidation of this company: March 28.

On that day, the ordinary shareholder of SM Chile will take place and an extraordinary meeting will take place. The latter will deal with the appointment of the liquid commission of SM Chile, its functions, its remuneration and the form and term in which the actions of the Bank of Chile owned by the company and the property of the parents will be distributed among the shareholders of the parent company. of the subsidiary SAOS SA that are promised in favor of the Central Bank.

At present, the Board of Directors of the Subordinated Obligation (SAOS) has promises in favor of the Central Bank of Chile of 28,593,701,789, equivalent to 28.75% of the property. In this way, shareholders from SMC will become directly shareholders of the Bank of Chile, where B series will receive bank action, with the possibility of having 2,38 more titles.

The organization, controlled by Citibank and the Luksic Group, maintained the obligation since 1996, and in recent years, the resources transmitted to the Central Bank are much more than agreed.

In fact, Andrónico Luksic, governor of the Bank of Chile, in the last letter to the shareholders of the 2017 annual report of SMC Chile, the parent company of the financial institution, has already trusted to end the subordinate debt in April this year. year, that is 17 years before the final term (2036).

The purpose of Luksic is how planned: SM-Chile last year has provided all the resources it needs to spend the balance of UF 3.1 million (approximately USD 84,500 million), which will be paid and extinguish the debt with the institutional emission.

It is 22 years old that the Bank of Chile paid calculations, but this year (number 23) this could end. That day will be historical for the organization, but it will also bring changes: the SMC Chile companies and their subsidiary Administrator of the Subordinated Obligation SAOS SA will be solved, because both were constituted exclusively to take over the administration and payment of the obligation

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