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Banco Itaú Chile S.A.

Company Detail

Description

Banco Itaú Chile S.A., the local subsidiary of Brazil's second biggest bank Itaú Unibanco, is divided into four business segments: retail, commercial banking, corporate and treasury. It is mainly focused on retail and high-income clients, but also serves middle-market and large corporate clients. Founded in 2006 under the brand name BankBoston (Chile), it adopted its current name in 2007, after Itaú Unibanco acquired Bank Boston's operations in Chile from its former owner, Bank of America. Five years later, Itaú acquired UK bank HSBC's local personal banking business, expanding its footprint as one of the leading foreign banks operating in the country's high-income segment. In 2015, Itaú Chile merged with local bank CorpBanca, creating the third largest bank in Chile in terms of loans after Banco Chile and Santander. The new bank will be controlled by the Brazilian financial giant and operate under the Itaú brand. It will include the Chilean banking units of Itaú Unibanco and CorpBanca, as well as their Colombian subsidiaries.

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