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Quiñenco, through its subsidiary, LQ Inversiones Financieras (LQIF), has been the controlling shareholder of Banco de Chile since March 2001.
In 2008, a strategic alliance with Citigroup was completed, by which Citigroup acquired a 32.96% share of LQIF and Banco de Chile successfully merged with Citibank Chile as of January 1. The merger implied important synergies between both banks, in addition to global products and services. As of December 2009, the Bank enjoys a market share of 19% in terms of loans in Chile. In April 2010, Citigroup exercised its two outstanding options and increased its share in LQIF to 50%.
Through its subsidiary companies, the bank offers a multitude of products and services such as insurance, brokerage services, mutual funds, factoring and financial consulting.
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FACTS
ABOUT BANCO DE CHILE
as of December 31, 2009
LQIF’s voting rights: 61.7%
Dividend rights: 40.8%
Book value: Ch$903,273 million
Investment since: 1999
Employees (2009): 14,021
ADDRESS
Ahumada 251
Santiago - Chile
Phone: (56-2) 653 1111 |
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Total loans |
13,057,299
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13,184,553 |
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Total assets |
17,193,523 |
17,461,820 |
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Shareholders' equity |
1,300,882 |
1,392,748 |
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ROAA |
2.1% |
1.5% |
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ROAE |
25.1% |
17.6% |
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Net financial margin |
5.6% |
5.1% |
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Efficiency ratio |
51.9% |
48.8% |
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Market share (loans) |
19.4% |
19.1% |
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Banco de Chile is one of the most profitable banks in the Chilean financial system. As of December 2009, it reported a return on average equity of 18%, superior to the 15% average reported by the Chilean financial system as a whole.
With a market cap of around US$8 billion, Banco de Chile is traded on the NYSE, London Stock Exchange, Madrid Stock Exchange (LATIBEX) and Chilean stock exchanges.
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* before tax
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LQIF Ownership |
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- Quiñenco |
67.04% |
67.04% |
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- Citigroup |
32.96% |
32.96% |
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% of Shares |
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- Banco de Chile |
32.11% |
32.74% |
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- SM Chile |
58.24% |
58.24% |
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% of Voting Rights
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- Banco de Chile |
61.68% |
61.68%
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% of Economic Rights |
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- Banco de Chile |
40.39% |
40.80% |
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