Shearman And Sterling

News Feb 05, 2014

Shearman & Sterling Advises on $829 Million Offering of Common Shares of Banco de Chile

Shearman & Sterling represented Banco de Chile and LQ Inversiones Financieras S.A. in connection with an $829,000,000 global secondary public offering of 6,700,000,000 common shares of Banco de Chile. The shares were sold by LQ Inversiones Financieras S.A. through a book auction on the Santiago Stock Exchange. The shares were sold in Chile through Chilean placement agents and sold outside of Chile through international underwriters in the form of American Depositary Shares traded on the New York Stock Exchange. The international underwriters were led by Citigroup Global Markets, Inc.

Banco de Chile is the largest bank in Chile in terms of total loans, current accounts and net income. LQ Inversiones Financieras S.A. is the controlling shareholder of Banco de Chile and received all of the net proceeds of the offering and is a joint venture between Citigroup and the Quiñenco Group.

The following Shearman & Sterling attorneys advised Banco de Chile and LQ Inversiones Financieras S.A. in this transaction: partner Antonia Stolper (New York-Capital Markets); associates Jesse Cuevas (San Francisco-Capital Markets), Jeffrey Tate (Washington, DC-Tax), James Park (New York-Capital Markets) and Mary Jo Lang (Washington, DC-Tax); and visiting attorney Maria Mercado (New York-Capital Markets).

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