Banco de Chile is one of the most prestigious and highly regarded financial institutions in the country, with assets in excess of US$15.577 billion and net worth of US$1.172 billion. The bank boasts an 18.1% share of the Chilean market in terms of loans, 17.3% in deposits and 24.2% of all current accounts. Banco de Chile market capitalization at the end of last year rose to US$3.176 billion, after a 44% surge in the share price during 2003. This underlines the bank’s attractiveness as an investment option in the Latin American market.

The company is a global bank operating with multiple products across all market segments. Its business strategy is aimed at maintaining leadership in corporate and personal banking and in financial products, three areas in which it has important competitive advantages. This is basically due to the quality of its service and the great variety and excellence of the products offered, as well as to its broad client base.

The bank’s merger with Banco Edwards in January 2002 strengthened its capital position and broadened its financial flexibility. It also brought together two cultures, and in doing so enriched the new Banco de Chile with the best practices of two banks. In the high-end client segment, the Banco Edwards brand was kept on. CrediChile, meanwhile, drives sales in consumer credit. The bank defined the BanChile brand to pull together seven subsidiaries: stock brokerage; fund administration; factoring; insurance brokerage; financial advice; securitization; and debt collection (Socofin). The bank also participates in nine other support businesses. Banco de Chile services the public through 240 strong branches located throughout the country.

Among its principle objectives are to provide clients with top-quality services; to broaden its commission base through the incorporation and optimisation of products; to maintain the focus on improving efficiency - currently at about 53%, and develop its international operations. In this final aspect, it’s worth highlighting that Banco de Chile has the largest share of the foreign trade finance market, at 23.9%. With branches in Miami and New York, the bank has been able to conduct important operations with Chilean companies, especially mid-sized firms involved in international trade.