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Banco de Chile
       
 
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Banco de Chile
 
 
Mission statement: 

We are a leading financial corporation with a prestigious business tradition. Our call purpose is to provide financial services of excellence, offering creative and effective solutions for each customer segment and thus ensuring permanent value growth for our shareholders.
Vision: 

To be the best bank for our customers, the best place to work and the best investment for our shareholders.
History: 

Banco de Chile is a banking corporation established in Chile that began to operate in this name on January 2, 1894 with the merger of the businesses of three banks. In this sense, Banco de Valparaíso, the first bank in Chile constituted as a corporation, is the real origin of Banco de Chile.

However, Banco de Chile (under that commercial name) appeared in Chile’s history in 1859, and officially opened on April 1, 1860, operating under that name until 1865. That year, a new bank was formed with the name Banco Nacional de Chile, which absorbed Banco de Chile’s business, an entity which following that merger would revert to its original name 29 years later.

Banco de Chile is a banking
corporation established in Chile.

In 1907, Banco de Chile opened an agency in London which was vital for obtaining foreign banks finance and for developing foreign trade to and from Chile. The Bank survived the 1930s crisis thanks to its strong capital base; and continued its development, remaining during that period as the country’s largest bank.

In 1973, following the bank nationalization process ordered by the government, the Corporación de Fomento (CORFO), a state entity, acquired the position as the largest shareholder in Banco de
Chile.The Bank was re-privatized in 1975.

Banco de Chile opened a branch in New York in 1982 and added an agency in Miami in 1993.

Following the serious economic crisis of 1981, the authorities intervened the Bank in January 1983. Following a capitalization process, the ownership and control of the Bank was again passed to private investors in 1987.

In 1990, the Bank closed its representative office in London, transferring the business to Frankfurt; which was then closed in 2000. During the 1990s, Banco de Chile opened representative offices in Buenos Aires, Sao Paulo and Mexico City.

By the end of 2000, Banco de Chile had a market share of 12.2%, being Chile’s third largest bank. In January 2002, Banco de Chile agreed its merger with Banco de A. Edwards. Following the merger, Quiñenco S.A., a company linked to the Luksic family, which was the main shareholder in both banks, acquired the majority shareholding in Banco de Chile.

Banco de Chile Home Office
is in Santiago, Chile

With the approval of their respective shareholders meetings, Banco de Chile in January 2008 took over the assets and liabilities of Citibank Chile, the Chilean subsidiary of Citigroup Inc. of the United States of America. At the date of the merger, Banco de Chile had a market share of 18.0% and Citibank Chile 2.1%. Simultaneously with the merger, Citigroup became an associate of Quiñenco, the controlling shareholder in Banco de Chile, by sharing the ownership of LQ Inversiones Financieras S.A.. Banco de Chile and Citigroup also signed the Cooperation Agreement and the Global Connectivity Agreement which contemplate mutual support for executing businesses related to payment services and international cash management, custody services for foreign investors, investment banking, international checking accounts, etc. As part of the agreements entered into, Banco de Chile sold to Citigroup Inc. its banking operations in New York and Miami.

The shares of Banco de Chile are listed on the Santiago Stock Exchange, the Chilean Electronic Exchange and the Valparaiso Stock Exchange. Since 2002, under an American Depositary Shares (ADS) program, the Bank’s shares have also been traded on the New York Stock Exchange (NYSE). Since 2003, the same ADS program is also traded on the London Stock Exchange (LSE), while the shares are also registered on Madrid´s Latibex.

Banco de Chile also has offices in Mexico City (Mexico), Beijing (China) and Sao Paulo (Brazil), providing competitive international products and services suited to its customers’ needs.

Banco de Chile Home Office is in Santiago, Chile. The bank runs under the Superintendencia de Bancos e Instituciones Financieras – the Chilean Banking Authority


 
 
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