Chile's Banco de Crédito e Inversiones S.A. (BCI) offers a wide range of banking and other financial services to individuals and businesses. The company operates through three segments: retail banking, commercial banking and investment banking. BCI's retail products comprise checking accounts, savings accounts, and demand deposits; consumer and mortgage loans, credit cards, and financing services; investment and insurance products; and products for entrepreneurs and SMEs. It also provides corporate banking products and services, including short and long-term financing, money desk products, business credit cards, foreign trade services, payment and collection services, and financing for working capital (credit lines) and fixed asset investments (investment and mortgage loans), to industrial and public sectors, government agencies, and corporations. The bank's investment banking products and services include time deposits, mutual funds, and spot transactions and futures. BCI's banking units focus on consumer lending (BCI Nova) and e-banking (TBanc). It also owns non-banking subsidiaries that engage in factoring, stock and insurance brokering, asset management, securitization, debt recovery and collection, financial consultancy and information services. BCI was founded in 1937 and is based in Santiago, Chile. It has representative offices in Mexico City, São Paulo, Lima, Bogotá, and a business desk in Madrid. In 2015, BCI acquired City National Bank (CNB) from its controller, Spanish bank Bankia S.A. The US$882mn transaction was initially closed in May 2013 and was the consequence of an agreement with EU authorities to recover US$24.3bn in funds that were provided to recapitalize the bank, the collapse of which almost forced Spain into a European Union bailout.