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Citigroup Ups Stake in Banco de Chile

NEW YORK ( TheStreet) -- Citigroup (C - Get Report) raised its stake to 50% in the holding company for Banco de Chile.

Citigroup has invested at least $1 billion in LQ Inversiones Financieras over the last two months, increasing its stake to 50% from 32.96%.

Citigroup on Monday paid about $520 million for an 8.52% stake in LQ. Banco de Chile is controlled by the Luksic family through LQ.

Citigroup's indirect stake in Banco de Chile is now about 30%, according to Reuters.

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