Top Banks in Chile
Chile is a country in the western part of South America.
Chile is a country in the western part of South America. The country was developing and ranked 43rd on the Human Development Index in 2019. It also has a high degree of economic freedom. It is the country with the highest economic freedom among South American countries.
It has also issued relevant laws and policies for external investors, which enable foreign investors to enter its foreign exchange market to repatriate their profits and capital.
Chile is a member of the United Nations, the Community of Latin American and Caribbean States (CELAC), the Pacific Alliance, and the first member of the OECD in South America. Moreover, it has one of the best economies in South America.
Chile's banking system consists of 18 banks, both private and public. As the local banking industry developed, competition within the system became more intense.
The consolidation of banks and the introduction more financial products have brought discipline and diversity to the industry. The organization that manages local monetary policy and national interest rates is the Central Bank of Chile.
It was established in 1925 and has an autonomous status independent of state authorities. The objective of this sector is to maintain domestic currency stability and keep inflation low. In addition, it can adjust monetary and foreign exchange policies and regulate financial markets.
Santander Chile Holding
BSAC is a subsidiary of Spain's Banco Santander. It belongs to one of the largest banks in the country. The bank was founded in 1978. The bank provides commercial banking as well as retail banking.
For enterprises and individuals to provide financing, investment, securities, and insurance business. In the late 1990s, he merged with Banco Español Chile and Banco Osorno y La Union. In 2002, Santander merged with Banco Santiago to become one of the country's largest banks.
The bank now has a total of 306 branches and offices nationwide. It employs about 10,000 people and provides financial services to more than 4 million customers.
BSAC has become a leader in the banking industry in the country with its high-quality customer service and continuous innovation in financial products. The bank is now listed on the NYSE. Its parent company, Santander, was founded in 1857.
It has more than 12,000 branches in Europe, North America, Latin America, Africa, and Asia. Santander is now one of Europe's biggest banks. Santander Chile has a market cap of $7.38 billion as of 2022.
The company is the 1,762nd most valuable company in the world by market capitalization.
Banco de Chile
Banco de Chile was founded in 1893 as a commercial Bank formed by the merger of Valparaiso Bank National, Bank of Chile, and Agriculturist Bank.
The bank has six main divisions, large corporations, small and medium enterprises, Consumer Finance, Personal, International Banking, and Capital Markets, to provide related financial services to businesses and individuals.
The bank's headquarters building was completed in 1926 and is located in San Diego. In 2001, the bank was listed on the New York Stock Exchange, and in the same year, Quinenco acquired control of Banco de Chile by buying a 59.3% stake in the company.
The bank was listed on the Madrid and London Stock exchanges in 2002. Citibank's Chile operations were merged with Banco de Chile in 2008. Banco de Chile now has more than 14,000 employees and is active in some 400 branches across the country.
The bank serves more than 2.3 million users. The bank provides a healthy, inclusive and respectful work environment for its employees, which leads to high employee satisfaction with the company.
The company was ranked 267th on Forbes' 2019 list of the world's Best Employers.
BancoEstado
BancoEstado is Chile's only state-owned commercial bank. Its full name is Banco del Estado de Chile.The earliest history of the BancoEstado can be traced back to the Caja de Credito Hipotecario, which was created in 1855.
BancoEstado was formed in 1953 by the merger of four financial institutions, including the Caja de Credito Hipotecario, at the time.
The original bank had six divisions'; banking, savings, agriculture, investment, mortgage, and industrial. By 1970 BancoEstado was one of the country's biggest banks.
As the only public bank, the bank has been striving to make financial services available to all residents and improve the quality of life of the whole country.
Today, BancoEstado serves more than 13 million users and has about 15,000 employees in more than 400 branches across the country.
In 2020, BancoEstado was ranked as the most financially sound bank in Latin America, according to Global Finance magazine's ranking of bank safety.
Banco de Credito e Inversiones
BCI is a SAN Diego-based bank. Its full name is Banco de Credito e Inversiones. Founded in 1937, the bank's initial goal was to help the country's productive sector develop. Their main targets are small and medium enterprises and individuals.
The company's main business includes savings, deposits, securities, insurance, and asset management.BCI has always attracted customers with a wide range of banking products and high-quality services.
In 1956, BCI began to expand into the country and opened branches. In 1976 BCI acquired Banco Llanquihue. And in 1978 began to use the most advanced computer project in the country's banking industry so that it has "online banking."
In 1999, BCI began expanding its business overseas and opened its first overseas branch office in Miami, USA. BCI is a member of the International Federation of Popular Banks (CIBP). BCI has offices in the United States, four Latin American countries, and China.
Scotiabank
Scotiabank Chile is a SAN Diego-based bank whose parent company is Canadiense Scotiabank. The bank's roots can be traced back to the founding of Banco SudAmericano in 1944.
In 1990, Scotiabank expanded into Chile and acquired a stake in Banco SudAmericano. In 2000, Scotiabank took full control of Banco SudAmericano. Banco Sud Americano was officially renamed Scotiabank Sud Americano in 2001.
From then on, the bank began rapid market expansion and development. The bank acquired Banco del Desarrollo in 2007 and again expanded its market share and business scope. In 2009 the bank was renamed Scotiabank Chile.
It acquired Cencosud Administradora de Tarjeta and BBVA Chile in the following years. It is now one of the largest banks in the country. In the financial services sector in the country's leading position.
The bank's business now includes corporate banking, personal banking, funds, etc. The bank has about 7,000 employees serving customers in offices across the country.
Itau CorpBanca
Itau CorpBanca is a commercial bank based in San Diego. Founded in 1871, it is the oldest bank still operating in the country.
In its early days, the bank was called Banco de Concepcion. Beginning in 1971, the bank successively acquired Banco Frances, Italiano, Banco de Chillan, and Banco de Valdivia. Thus expanding their business territory.
In the decades that followed, banks grew rapidly. In 2003, the bank was listed on the New York Stock Exchange. In 2016, the bank changed its name to Itau Corpbanca after merging with Banco Itau Chile.
The bank includes commercial banking, retail banking, investment management, etc. Itau Corpbanca has about 400 branches in Chile and Colombia, with offices in Lima, Madrid, and New York.
The company employs 7,700 people, and its 2021 revenue was 1.46 billion. Itau CorpBanca is the 3,575th most valuable company in the world based on its 2022 market capitalization.
BICE Corp
BICE Corp was founded in 1978. The company is a commercial bank based in San Diego. BICE will help businesses and individuals succeed by providing quality financial services. In 1979, the group established its first brand, Banco BICE.
Thus began BICE's banking business. BICE Corp has since created subsidiaries such asBICE Inversiones, BICE Vida Compania de Seguros SA, BICE Chileconsult Asesorias Financieras SA, etc.
The creation of these subsidiaries helped the banking group expand its business scope. Now the business scope of the bank includes personal banking, corporate banking, fund business, insurance business, real estate business, and so on.
In 2021, BICE launched its first fintech app, Clever, to provide customers with an easier way to invest digitally. In addition, in 2021, it was awarded the Best Commercial Bank in Chile for its professional services.
BICE employees always use creative thinking to create new businesses and improve existing businesses to create value for customers.
Grupo Security
Grupo Security is a financial services group founded in the 1990s. The Banking Group provides banking, life insurance, asset management, and travel services to businesses and individuals through its subsidiaries.
The group now has seven subsidiaries, including Banco Security, Inversiones Security, and Travel Security, to provide financial and personalized services to their customers. Banks build relationships with customers based on excellent service.
Banco Security, a subsidiary of the group, provides customers with an extremely good business experience and is rated as one of the best in the country.
Regarding group culture, Grupo Security expects its employees to balance life and work and care about their employees' growth. As a result, the relaxed and genuine working atmosphere makes it one of the best places to work in the country.
Grupo Security has been named one of the best companies to Work for in Chile by the Great Place to Work Institute for 20 consecutive years.
BBVA Chile
BBVA Chile is a commercial bank. It dates back to 1883. In 1883, Banco Hipotecario was founded in Valparaiso. In 1976, the bank moved its headquarters to San Diego as its business expanded outward.
The bank underwent several mergers and name changes in the decades that followed. In 1999, the bank was again acquired by the Spanish bank BBV and renamed BBV Banco BHIF in the same year.
Argentaria's Chilean subsidiary was renamed BBVA Banco BHIF after its Spanish parent merged with BBV in 2000. Scotiabank bought most of the company for $2.2 billion in 2017 and took control.
Scotiabank wants to combine BBVA's operations and expand its share. Before that, BBVA had a 7% share of the country's market, and Scotiabank boosted its market share to 14% with the acquisition.
So starting in 2018, BBVA Chile will fully integrate into Scotiabank's operations. With that, the brand ended its operations in the country.
Consorcio Financiero
Consorcio Financiero is a financial services group whose businesses include commercial banking and insurance. Its history can be traced back to Compania de Seguros La Industrial, founded in 1916.
In 2009, Consorcio Financiero acquired Banco Monex and formed Banco Consorcio. Banco Consorcio is a bank that provides customers with deposits, loans, insurance, and credit cards.
In 2015 Consorcio Financiero SA entered the Peruvian life insurance market and acquired La Positiva Vida Seguros y Reaseguros S.A. In the same year, Banco Consorcio joined the Global Trade Finance Consortium of the World Bank's private sector arm, IFC.
The move gives the bank an expanded scope of operations and a future financing program for local import and export companies. In addition, Consorcio Financiero seeks to provide quality entry service to its customers.
The bank's mission has always been to create value for shareholders and bring greater customer satisfaction.
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