Banco de Chile
El banco de Chile.
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| Sociedad Anónima | |
| Traded as | : CHILE : BCH BMAD: XBCH |
| Industry | Banking |
| Founded | 1893 |
| Headquarters | Santiago, Chile |
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Key people
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| Revenue |
 US$ 2.4 billion (2012)
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US$ 970.9 million (2012)
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| Total assets |
US$ 51.4 billion (2013)
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| Owner |
Quiñenco (29%) Citigroup (29%) |
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Number of employees
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14,581 |
| Subsidiaries | SM-Chile |
| Website | www.bancochile.cl |
Banco de Chile (Bank of Chile), is a Chilean bank and financial services company with headquarters in Santiago. It is a commercial bank that provides a complete range of financial services to a client base, which includes large corporations, SMEs and private 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.
According to 2013 year end figures, it is the second biggest banking group in Chile by total assets, behind Banco Santander-Chile and ahead of BBVA Chile and has a market share of 19% in terms of loans. It is the biggest bank in the country by total earnings (USD 978 million). 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 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 Valparaiso 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.
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. In 2008 Citigroup agreed with Quiñenco to take a 32.96% stake in LQIF and merged Citigroup Chile operations with Banco de Chile. In April 2010, Citigroup exercised its two outstanding options and increased its share in LQIF to 50%.
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