Banks in Chile are governed by Banco Central de Chile, the country’s central bank. Established in 1925, it is an autonomous institution that sets policies on monetary and exchange rates. It is also responsible for managing the local currency’s stability and maintaining the normal flow of internal and external payments.
Moody’s Investors Service gives banks in Chile a negative outlook. The negative outlook reflects increasing risks to Chile’s fiscal strength. Even though the country entered the coronavirus crisis with fiscal buffers and low debt relative to A-rated peers, debt to GDP had been rapidly rising in recent years, a trend that is being accelerated by the pandemic shock. Moodys expects debt to almost double relative to GDP in a five-year period, reaching 39% in 2021.
For anyone considering a career in banking in Chile, this list of top banks in Chile is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Chile Include:
Headquartered in Santiago, Banco Santander-Chile is the largest of the banks in Chile in terms of deposits and loans. With a network of 504 branches, the Santander Group subsidiary provides a wide range of commercial and retail banking services to its clients from the retail, middle market, and global banking markets.
Aside from the traditional banking services, Banco Santander-Chile offers financial solutions such as leasing, advisory, securities brokerage, insurance brokerage, as well as management of mutual funds and investments. It employs over 10,000 individuals and serves 3.5 million customers.
Total assets: CLP 54.5 trillion (3/2021)
Banco del Estado de Chile
Banco del Estado de Chile, more commonly known as BancoEstado, is the country’s only public bank, formed by Government Decree no. 126 of 1953. It is responsible for the financial activities of the Chilean government through an account that is managed by the General Treasury of the country.
BancoEstado stands alone among banks in Chile as the largest mortgage lender and the largest issuer of debit cards in Chile, providing financial services to consumers and companies. Global Finance magazine named BancoEstado the Safest Bank in Latin America starting in 2010. In 2015, it was ranked as the 48th safest bank in the world.
Banco de Chile
Banco de Chile provides a range of banking and financial services to six main divisions: large corporations, SMEs, private individuals, consumer finance, international banking, and capital markets. The commercial bank started its operations in 1893, following the merger of the National bank of Chile, the Agricultural Bank, and Bank of Valparaiso.
With headquarters in Santiago, it manages branches in other cities outside Chile, including in New York, Hong Kong, Mexico City, São Paulo, and Buenos Aires.
Total assets: CLP 45.0 trillion (3/2021)
Banco de Crédito e Inversiones
Banco de Crédito e Inversiones (BCI) was established in 1937 to support small and medium enterprises in the country. Headquartered in Santiago, Chile, the bank offers a wide range of financial products and services, including savings and deposits, insurance, securities brokerage, and asset management.
BCI is also the country’s largest private bank based on loans and the fourth largest of banks in Chile in terms of the number of customers. It oversees representative offices in São Paulo, Bogota, Lima, Mexico City, as well as a business desk in Madrid.
Total assets: CLP 56.8 trillion (3/2021)
Commercial bank Itaú CorpBanca provides a wide range of commercial and retail banking solutions to customers not only in Chile but also in Madrid, Panama City, and New York City. Based in Chile, the bank also offers financial advisory, mutual fund management, and insurance and securities brokerage services.
Itaú CorpBanca is owned by Itaú Unibanco, Latin America’s largest bank in terms of assets, and Chilean financial holding company CorpGroup. It currently operates a network of 398 offices, comprising 224 branches in Chile and 174 in Colombia.
Total assets: CLP 33.6 trillion (3/2021)
Canada’s Scotiabank established its presence in Chile in 1944 through its unit Scotiabank Chile. The bank provides a wide range of services, operating through SME and retail banking, commercial banking, and personal banking divisions.
Scotiabank Chile also offers mortgages, consumer loans, overdraft lines of credit, and savings, as well as foreign exchange services. Its subsidiaries provide mutual fund management, financial advisory, insurance brokerage, and securities brokerage services.
Total assets: CLP 36.8 trillion (3/2021)
Chilean bank Banco Industrial y de Comercio Exterior, commonly known as Banco BICE, was established in 1979 with headquarters in Santiago. The bank offers a range of banking products and services including checking accounts, credit cards, investments, and insurance. It serves private, institutional, and corporate clients in Chile.
Total assets: CLP 9.15 trillion (3/2021)
Based in Santiago, Banco Security serves high-income clients and large and medium-sized companies, providing commercial banking solutions such as deposits, loans, credit lines, leasing, foreign trade, international banking, treasury, brokerage of securities, retirement counseling, as well as administration of funds and currency exchange.
Established in 1981, Banco Security operates as a subsidiary of Grupo Security, a Chilean diversified financial conglomerate.
Total assets: CLP 8.02 trillion (3/2021)
In 2008, Consorcio Financiero acquired Banco Monex to establish Banco Consorcio. The Chilean lender offers a range of products and services, including deposits, loans, factoring, credit cards, guarantees, and commercial operations.
In 2015, Banco Consorcio joined the global trade finance program of the IFC, the World Bank’s private sector arm. The move enabled the bank to provide trade finance solutions to local exporters and importers across Chilean industries.