Banco de Chile – History

This is a part of the series history of companies.
Acquisitions and mergers

In December 2000, the Luksic Group takes control of the bank, to acquire 51% ownership, which paid $ 541 million.

In 2002 it acquired Banco de A. Edwards became the second largest bank. The company decided to maintain the image and personality of the acquired bank, but under the name of Banco Edwards. The merger had been approved overwhelmingly by shareholders of the bank purchased a few months earlier, in December 2001.

In late 2006, Quiñenco, controller of Banco de Chile, acknowledged talks with Citigroup North American group that would result in a possible strategic partnership in banking and financial.
[Edit] Merger Banco de Chile – Chile Citibank

In mid-2007, remembers the merger between Banco de Chile and Citibank Chile. This operation joins the Second Bank of Chile, part of the conglomerate Quiñenco, with Citibank Chile, the U.S. group Citigroup.

With the merger, it will lead to improvements and business synergies, enhancing the competitiveness of the new bank. Among the immediate results will be achieved a stake in the Chilean financial market of 20.08% as loans and 21.11% in the consumer goods segment. You can expand the branch network in Chile and abroad.

As a result of the merger, the shareholders of Banco de Chile will have the 89.503% stake of the merged bank, while shareholders of Citibank Chile will have the 10.497%.

The merger was completed on January 1, 2008.


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