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Banco de Chile

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Banco de Chile

Banco de Chile (English: Bank of Chile) is a Chilean bank and financial services company with headquarters in the city of Santiago de Chile. It's a commercial bank that provides a range of financial services to clients. As of December 31, 2012, Banco de Chile has a national network of 434 branches, 1,915 ATMs and other electronic channels of distribution.

Since 2008, it has been jointly controlled by the Chilean conglomerate Quiñenco group and US bank Citigroup.

Operations are organized around six main commercial divisions: large corporations, SMEs, private clients, consumer finance, international banking and capital markets. Additionally, subsidiaries offer securitization, securities brokerage, mutual investment and bottomry, insurance and factoring, among others. Outside Chile, the bank has had a branch in New York City for more than 20 years and has branches in Miami, São Paulo, Buenos Aires, Mexico City and Hong Kong providing international services.

Founded on 28 October 1893 by the merger of the Valparaíso Bank (1855), National Bank of Chile (1865) and Agriculturist Bank (1869). Banco de Chile has traditionally led the Chilean financial market as one of the largest banks in terms of turnover and deposits.[citation needed]

In 2001, the Chile conglomerate Quiñenco group bought 59.3% share of the company through the subsidiary company LQIF and took control of the bank.[citation needed]

In 2008, Citigroup agreed with Quiñenco to take a 32.96% stake in LQIF and merged Citigroup Chile operations with Banco de Chile.[citation needed]

In April 2010, Citigroup exercised its two outstanding options and increased its share in LQIF to 50%.[citation needed]

On December 9, 2004, Banco de Chile became the first Chilean financial institution to operate in the Asian markets, after closing a co-operation agreement with Standard Chartered Bank.[citation needed]

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