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Top-5 Banks in Chile

The central bank of Chile called Banco Central de Chile was founded in 1925. It is responsible for the regulation of the banking sector in the country. It creates policies, implements monetary laws, and maintain the currency as well as manages the flow of payments. Based on the total owned assets, the following is the list of top 5 banks in Chile.

1. Banco Santander Chile

Founded in 1937, Banco Santander Chile is based in Santiago. On the basis of deposits and loans, it is the largest bank in Chile. It operates more than 500 branches providing different commercial and retail banking services. Banco Santander Chile has over 11,000 employees. It also offers mortgage financing, leasing, mutual fund, and asset management as well as insurance, advisory, securities, and investment management. In 2018, the total asset value of the bank was $58 billion and its net income stood at $871 million.

2. Banco del Estado de Chile

Banco del Estado de Chile is the country’s only public bank owned entirely by the government. It was founded in 1953 and it is the 48the safest bank in the world according to Global Finance magazine. Banco Estado is the biggest mortgage lender in the country. It serves the highest share of debit cardholders in the country. It provides banking services to consumers and companies. It operates more than 400 branches along with over 25000 CajaVecina contact points. In 2017, the value of the bank’s assets was over $52 billion.

3. Banco de Chile

Banco de Chile was established in 1893. It is based in Santiago and it has well over 400 branches and 2000 ATMs. Banco de Chile has more than 14000 employees. In terms of loans, it occupies a 19% market share. It has subsidiaries offering securities, insurance, and mutual funds. According to the 2018 valuation, the total assets of Banco de Chile were estimated to be $55 billion along with a net income of just over $888 million. Its revenue in 2017 was $ 3.8 billion.

4. Banco de Crédito e Inversiones

Banco de Crédito e Inversiones (BCI) was founded in 1937. The main purpose behind the establishment of BCI was to assist smaller and medium businesses in Chile. It offers all the basic financial services such as savings, insurance, securities, and asset management. It is the biggest private bank of Chile that offers loans. Miami based City National Bank of Florida is the subsidiary of BCI. In 2018, the value of total assets of BCI was $54 billion and its net income was just over $600 million. In 2017, the total revenue of BCI stood at $3.1 billion.

5. Itaú Corpbanca

Founded in 1871, Itaú Corpbanca is the oldest bank in Chile. It operates 398 branches of which 224 are in Chile and 174 are in Columbia. It has over 9000 employees. Itaú CorpBanca offers commercial and retail services as well as security brokerage, insurance, and mutual funds. Itaú CorpBanca is the subsidiary of Itaú Unibanco, which is South America’s largest bank. According to a 2018 valuation, the total asset value of Itaú Corpbanca was $48 billion and its net income was about $88 million.

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