The Chilean banking system is strong and stable, and includes 25 financial institutions. The five largest banks control over 70% of banking sector’s total assets. Overall there are approximately 2,160 banking branches and 7,600 ATMs in the country. The total number of debit and credit cards in circulation equals 22 million and 13 million, respectively. Some Chilean banks have a presence in the United States. Itau CorpBanca, Banco de Chile and Banco Estado maintain representative offices in New York. Below is a list of the largest and best banks in Chile ranked by assets.
Banco de Credito e Inversiones
Banco de Credito e Inversiones (BCI) is the largest bank in Chile by total assets and loans. It operates through approximately 270 local branches and 1,060 ATMs, and employs over 12,000 people. At June 30, 2019, BCI posted total assets of CLP43.1 trillion (US$64 billion), total loans of CLP31.3 trillion (US$46 billion) and time deposits of CLP12.7 trillion (US$19 billion). The company’s market capitalization was US$9.0 billion as of September 30, 2019. BCI Financial Group is owner of City National Bank of Florida (CNB), the third largest Florida-based bank.
Banco Santander Chile is the second largest bank in Chile by assets. It provides a comprehensive range of products and services to retail and corporate customers including personal and business loans, government-guaranteed loans, deposit products, mortgages, credit cards, mobile and online banking, leasing, factoring, financial advisory services, asset management, insurance, treasury and transactional services and much more. With approximately 11,000 employees, it operates through 390 branches and 930 ATMs. As of March 31, 2019, it had total assets of US$58 billion and deposits of over US$32 billion.
BancoEstado (or Banco del Estado de Chile) is the third largest Chilean bank by total assets and the largest by deposits. It is also the largest mortgage lender and the largest issuer of debit cards in Chile. Established in 1953, it is the only public bank in the country. With over 10 million customers and 14,900 employees, it operates through 420 branches and 2,450 ATMs nationwide. As of March 31, 2019, BancoEstado reported total assets of US$57 billion (CLP 38.842 trillion), loans of US$34 billion and total deposits of US$38 billion.
Banco de Chile
Banco de Chile, headquartered in Santiago, is the fourth largest bank in the country. It provides a wide array of financial products and services to corporations, large companies, SMEs and personal customers. It offers deposit and lending products, international and treasury banking services, securities brokerage, mutual funds, investment management, insurance, brokerage and financial advisory services. Banco de Chile operates an extensive network consisting of 400 branches and 1,460 ATMs.
Itau CorpBanca S.A. (NYSE: ITCB) is the fifth largest bank in Chile with total assets of US$46 billion. It is owned by Brazilian private lender Itaú Unibanco Holding S.A. and Corp Group. The company offers deposit products, loans, credit cards, mortgages, insurance, online and mobile banking, asset management and other services to retail and business customers. Itau CorpBanca employs approximately 9,000 people and maintains branches in Chile, Panama and Colombia; representative offices in Lima (Peru) and Madrid (Spain) as well as branch in New York. As of June 14, 2019, it had a market capitalization of $4.2 billion.
Scotiabank Chile is the sixth largest bank in Chile by assets. It employs over 5,800 people and has a network of approximately 140 branches in Arica and Punta Arenas. The company is Chilean banking subsidiary of Canadian The Bank of Nova Scotia. In 2018, Scotiabank completed the purchase of a majority stake in BBVA Chile.
Bicecorp S.A. is a large financial services group in Chile. It provides a wide range of products and services through the following subsidiaries: Banco BICE (Banco Industrial y de Comercio Exterior), BICE Inversiones, BICE Vida, BICE Factoring, BICE Hipotecaria, BICE Securitizadora, and Crediautos, among others. During 2018, Bicecorp revenue and net income were US$740 million and US$122 million.
Consorcio Financiero S.A. is a major Chilean financial group providing banking, insurance and investment services through its banking unit Banco Consorcio and other subsidiaries. The company was established in 1986 and is headquartered in Santiago.
Grupo Security S.A. is a Chilean financial services company providing banking products and services to retail and corporate clients through its subsidiary Banco Security. It offers deposit and lending services, credit and debit cards, mortgage loans, life and general insurance, pension products, factoring and leasing services, asset management, securities brokerage, financial advisory and much more.
BBVA Chile was one of top 10 banks in Chile with total assets of over CLP14 trillion. It operated as a subsidiary of Spanish giant BBVA (Banco Bilbao Vizcaya Argentaria). In July 2018, BBVA Group has closed the sale of its stake in BBVA Chile to Canadian lender Scotiabank. BBVA Chile was renamed as Scotiabank Azul.
The 10 Largest Banks in Chile
The following table shows the top 10 banks in Chile ranked by total assets in billions of U.S. dollars.
|Rank||Bank||Total assets (US$b, June 30, 2019)|
|1||Banco de Credito e Inversiones (BCI)||63.563|
|2||Banco Santander Chile||62.001|
|4||Banco de Chile||54.954|
Foreign Banks in Chile
Here is a list of some branches, subsidiaries and representative offices of foreign banks operating in Chile.
Banco do Brasil Chile
Banco de la Nación Argentina
Banco Santander Chile
Bank of America Merrill Lynch
Bank of China Limited
BNP Paribas Cardif Chile
BNP Paribas Cardif Seguros de Vida S.A.(formerly Cardif Vida Chile)
BNP Paribas Seguros Generales S.A.
Citigroup Chile SA
Credit Suisse Chile, a member of Switzerland-based Credit Suisse Group, offers wealth management and investment banking products in Chile.
Administradora de Fondos de Pensiones Capital S.A. - A subsidiary of Dutch ING Group N.V., an international financial group with offices in Europe, America, Asia and Australia.
Citibank Chile, established in 1916, was acquired by Banco de Chile in 2008.
Credit Agricole Chile - A representative office of French Crédit Agricole CIB.
Deutsche Bank (Chile) S.A.
Address: Av El Bosque Sur 130, Piso 5, Santiago de Chile
Goldman Sachs Chile Ltda (Address: Avenida Apoquindo 3472, 11th Floor Las Condes, Santiago)
JPMorgan Chase Bank, N.A. Chile branch
HSBC Bank Chile
MUFG Bank converted its Chilean branch into a representative office in 2019.
Mizuho Bank Representative Office
Morgan Stanley Investment Management provides capital markets, mergers and acquisitions, hedging and other investment solutions in Chile.
Rabobank Chile S.A.
RBC Wealth Management - Closed in 2014.
Scotiabank Chile, S.A. (formerly Scotiabank Sud Americano)
Société Générale, S.A.
Sumitomo Mitsui Banking Corporation (SMBC), Santiago Representative Office
The Royal Bank of Scotland (Chile) S.A.
The Bank of Tokyo-Mitsubishi UFJ, Ltd (BTMU) - Closed
TD Securities Inc
UBS Representative Office - It doesn't provide cash deposits/withdrawals and ATM services.
Wells Fargo Bank, N.A. (Address: Av. Isidora Goyenechea 3365, Santiago, Las Condes, Region Metropolitana)
World Bank Group (WBG)