BancoEstado looks for capitalization approval by finance ministry

Thursday, April 28, 2011

Chile's state-owned BancoEstado has sent a request to the finance ministry to capitalize part of its US$160mn in profits booked last year to keep growing loans in line with the system this year, CEO Pablo Piñera told BNamericas.

"That is a decision that the bank's owners, the finance ministry and the Chilean state will have to take," he said.

BancoEstado improved its ROE to 14.8% last year from 11.2% in 2009, when it sacrificed profitability to ensure that loans were available to companies and individuals during the global crisis and economic downturn.

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BancoEstado is Chile's third largest lender.