Chilean state bank BancoEstado has surpassed the 150,000 mark in terms of mutual fund clients, top managers from the bank's asset management and brokerage units told reporters.
Management said the bank has seen the number of mutual fund clients grow by double digits annually during the last five years.
BancoEstado was the first bank in Chile to launch mutual fund products for the low-income segments, with a minimum investment amount of 5,000 pesos (US$10.6).
BancoEstado now ranks third in the mutual fund industry in terms of client numbers, according to the bank.
Management noted that its asset management JV with French banking giant BNP Paribas has been key in developing new mutual funds to broaden the gamut of investment products it offers.