Banco de Chile Proposes Distribution for the Fiscal Year Ended on December 31, 2020
January 28, 2021 at 04:41 pm EST
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In the Ordinary Meeting held on January 28, 2021, the Board of Directors of Banco de Chile resolved to call an Ordinary Shareholders Meeting to be held on March 25, 2021, with the purpose of proposing, among other matters, the following income distribution for the fiscal year ended on December 31, 2020: Deduct and retain from the net income obtained during the relevant fiscal year, an amount equal to the correction of the paid capital value and reserves according to the Consumer Price Index variation occurred between November 2019 and November 2020, for an amount of CLP95,989,016,547, which will be added to the account of retained incomes from previous fiscal years; From the resulting balance, distribute, as dividend, a 60% of the remaining net income, corresponding a dividend of CLP 2.18053623438 per each one of the 101,017,081,114 Bank shares, retaining the remaining 40% thereof. Thus, a distribution of 47.6% of the income for the fiscal year ended on December 31, 2020, will be proposed as dividend.
Banco de Chile is a full service financial institution, which is engaged in providing credit and non-credit products and services in Chile. The Bank offers a range of banking services to its customers, ranging from individuals to corporations. The Bank's segments include Retail, which focuses on individuals and small and medium-sized companies, where the product offering focuses on consumer loans, commercial loans, checking accounts, credit cards, credit lines and mortgage loans; Wholesale, which focuses on corporate clients and companies, where the product offering focuses on commercial loans, checking accounts and liquidity management services, debt instruments, foreign trade, derivative contracts and leases; Treasury, which includes the associated revenues to the management of the investment portfolio and the business of financial transactions and currency trading, and Subsidiaries, which corresponds to companies and corporations controlled by the Bank.