Banco Itaú Chile Stock

Banco Itaú Chile, a commercial bank, provides a broad range of wholesale and retail banking services to its customers in Chile and Colombia.

In addition, the company provides financial advisory services, asset management, insurance brokerage, and securities brokerage services through its subsidiaries; and banking services through its New York Branch.

The company operates in two main geographic areas: Chile and Colombia. The Chile segment includes operations carried out by Itaú Corpbanca New York Branch. The Colombia segment includes the operations carried out by Itaú S.A. (Panama).

Business segments in Chile have been strategically aligned onto three areas directly related not only to the company’s medium term strategy but to its customers’ needs, such as Wholesale Banking (Corporate, Large Companies and Real Estate and Construction); Retail Banking (Itaú Personal Bank, Itaú Branches, Itaú Private Bank, Midsize Companies, SMEs and Banco Condell, its Consumer Finance Division); and Treasury.

Wholesale Banking

Wholesale Banking serves large economic groups, state-owned and private companies, mining companies, utilities, energy, seaports, airports, public hospitals or any business. Wholesale Banking also serves the company’s real estate and project finance customers. The company focuses on offering clients a broad range of services tailored to fit their specific needs. These services include deposit-taking and lending in both Chilean pesos and foreign currencies, trade financing, general commercial loans, working capital loans, letters of credit, interest rate, foreign exchange derivatives (including foreign exchange options) and cash flow management.

Corporate Banking: This area specializes in institutional customers and customers with annual sales in excess of US$100 million.

Large Companies: This area includes a wide range of products and financial services to companies with annual sales between US$8 million to US$100 million.

Real Estate and Construction Companies: This area focuses on companies or economic groups in the real estate or construction industry with annual sales in excess of US$100,000.

Retail Banking

Retail Banking serves retail individuals customers across all income levels, from low-income to high-income individuals, and also targets midsize companies and small-to-medium-sized enterprises (SMEs), the latter two grouped under ‘Itaú Companies’. Retail Banking is organized into the following four areas:

Itaú Personal Bank: This area specializes in high-income individuals, with a monthly income between Ch$2.5 million and Ch$8.0 million. This is the first high-income individuals’ segment in Chile with differentiated branches, mobile, and web channels. The service model is based on relationships and constant advising on financial products, investment and/or protection. Itaú Personal Bank offers a specialized, differentiated value proposition based on customer relationships. Its three pillars are highly qualified executives, with a systematic work standard; smaller portfolios per executive in relation to the traditional model, in order to facilitate management; and certified investment consultants who specialize in providing exclusive, timely advising. The network in Chile includes premium and digital branches for this segment.

Itaú Branches: The company’s Traditional Banking Division is mainly oriented toward individuals with medium-high income levels (focused on clients between Ch$600,000 and Ch$2.5 million monthly income). The company offers its traditional and private banking clients products, such as checking accounts, credit lines, credit and debit cards, personal installment loans, mortgage loans, insurance banking, time deposits and savings accounts in Chilean pesos, Euros, UF and U.S. dollars, and others. In addition, the company provides mutual fund and securities brokerage services. This mass-market model is focused on customer self-service through various channels: face-to-face at the company’s branches, digitally through the website and App, and through direct e-mail contact with account executives and through calls to the Contact Center. This segment operates physical and digital branches.

Itaú Private Banking: Within the company’s Private Banking Division, it provides private banking services to the company’s high-income and high net worth customers. The company considers high-income individuals to be customers with a monthly income in excess of Ch$8.0 million. Each client under the company’s private banking or ‘Private Banking’ program is provided with a liaison officer who oversees the client’s entire relationship with it across all product lines. The relationship model is based on providing each customer with the comprehensive, personalized and professional advising service for managing their net worth, major investments, banking and credit structuring needs in a way that best fits the investor and financing profile. In addition to the products and services the company provides to private banking customers, it offers tailored lending products designed to help keep their businesses growing. The company’s specialized team of business executives and investment bankers aims to maximize gains for its customers based on their investor profile.

Banco Condell (Consumer Finance): The company’s Consumer Finance Division operates under the trade name Banco Condell and specializes in financing for middle and low-income segments who have low banking access and monthly income between Ch$200,000 and Ch$600,000. A financial inclusiveness mechanism, Banco Condell's business model enables the company to provide services to people with informal, non-accreditable income. Through Banco Condell, the company offers its customers insurance policies, certificates of deposit and consumer loans, products that represent the essence of its business. Banco Condell has branches and its own brand identity.

Treasury

The company’s Treasury manages its liquidity and market risks (including interest rate, currency, and inflation risk) acting in accordance with internal policies, as well as regulatory and corporate limits. Also, the company is responsible for optimizing the funding structure and providing transfer prices to its various products and business units. Through its International Financial Institutions department, the Treasury establishes and maintains relationships with foreign banks and other financial institutions. Finally, this area offers financial products to its clients, such as currency, derivative, and money market transactions.

Itaú Colombia

Itaú Colombia provides a broad range of commercial and retail banking services to its customers in Colombia, operating principally in the cities of Bogotá, Medellín, Cali, Bucaramanga, Cartagena, and Barranquilla. Itaú Colombia has branches and ATMs (automated teller machines) in Colombia.

New York Branch

The company’s New York Branch supports the commercial needs of Chilean and other Latin American companies that conduct business overseas. The company’s target market consists of medium and large Chilean companies, other Latin American companies, and Chilean and other Latin American banks without offshore branch offices, among others.

The company’s New York Branch has a Yankee Certificate of Deposits program that is placed directly to clients or through the U.S. dealers. Also, the Branch funds its operation through interbank and financial institution deposits with a broad variety of customers. The New York Branch participates in bilateral and syndicated loans, together with other international institutions, to finance a variety of investment projects.

Financial Services Offered Through Subsidiaries

The company has several strategic long-term investments in financial services companies in Chile (each of which are regulated and supervised by the CMF (Chilean Commission for the Financial Market (Comisión para el Mercado Financiero))), which are engaged in activities complementary to its core banking activities. Through wholly-owned subsidiaries, the company intends to continue to develop a comprehensive financial services group able to meet the diverse financial needs of its clients.

Itaú Corredores de Bolsa Ltda.

The company’s subsidiary, Itaú Corredores de Bolsa Ltda., or ICB, is a member of the Santiago Stock Exchange and is registered with the CMF as a security broker. ICB’s primary activities are providing brokerage services in equities and fixed income. ICB offers the company’s clients a unique investment platform, with a diversified offering of investment alternatives.

Itaú Administradora General de Fondos S.A.

Itaú Administradora General de Fondos S.A., or IAGF, whose commercial name is ‘Itaú Asset Management’ complements the company’s banking services offered to its individual and corporate clients. IAGF provides asset management services to individual, corporate and institutional clients.

Itaú Asesorías Financieras Ltda.

Itaú Asesorías Financieras Ltda., or IAF, provides a broad range of financial advisory services to a variety of corporations and government agencies. The company offers its clients specialized and tailored solutions, among which are the structuring and implementation of corporate financing in the banking market, syndicated and bilateral loans, debt restructuring and project financing structuring under the Project Finance modality according to the Equator Principles.

Additionally, this subsidiary offers debt structuring services in the capital markets through the structuring, issuance and placement of bonds and commercial papers, as well as advice for mergers, acquisitions and capital increases, or advice and studies in general.

Itaú Corredores de Seguros S.A.

In accordance with the company’s strategy of expanding the breadth of financial services that it offers, its subsidiary, Itaú Corredores de Seguros S.A., operating under the commercial name ‘Itaú Corredores de Seguros’ (ICS), offers a full line of insurance products. Many of these products complement the company’s banking services by offering clients unemployment and life insurance related to personal loans, as well as insurances in connection with mortgage loans. Through ICS, the company also provides non-credit-related insurance to existing clients and the general public.

Recaudaciones y Cobranzas Ltda.

This subsidiary is a banking support company engaged in legal and out-of-court collections services for any type of loans, titles or notes on its own behalf or on behalf of third parties.

During 2022, the company focused on delinquency management, either enabling payment channels or restructuring offers that would provide solutions for customers’ needs.

Itaú Corredor de Seguros Colombia S.A.

Itaú Corredor de Seguros Colombia S.A. is a Colombian corporation (sociedad anónima), which acts as an insurance broker. It has its main domicile in the city of Bogota, D.C., Colombia, and the Colombian Financial Superintendency regulates it.

In March 2022, the company and its wholly-owned subsidiary, Itaú Holding Colombia S.A.S. acquired 20% of Helm LLC held in Itaú Corredor de Seguros Colombia S.A.

Itaú Securities Services Colombia S.A. Sociedad Fiduciaria

The company acquired a 91.9% equity interest in Itaú Securities Services Colombia S.A. Sociedad Fiduciaria, or ISS Colombia in 2012, as part of the acquisition of Banco Santander Colombia. ISS Colombia is a financial services company operating in Colombia that specializes in trust and custodial services.

The company is in the process of liquidating ISS Colombia. The voluntary liquidation process has continued in 2023 and is currently at the stage of cancellation of all the company’s tax and chamber of commerce registrations.

Itaú Asset Management Colombia S.A. Sociedad Fiduciaria

Itaú Asset Management Colombia S.A. Sociedad Fiduciaria, is a Colombian corporation (sociedad anónima) engaged in trust portfolio management, including investment trust management, administration, security, real estate trusts and fund administration. The company has its main domicile in the city of Bogota, D.C., Colombia; and is regulated by the Colombian Financial Superintendency.

Itaú Comisionista de Bolsa S.A.

Itaú Comisionista de Bolsa S.A. is a licensed securities broker dealer operating in Colombia that is the result of the consolidation of two previously separate subsidiaries of Itaú Corpbanca Colombia, Corpbanca Investment Valores Colombia S.A., and Helm Comisionista de Bolsa S.A.

Itaú Comisionista de Bolsa S.A. offers and maintains a complete portfolio of products and services dedicated especially to the distribution of investments, and it complements its value proposition with financial advisory services.

Distribution Channels

As a bank, the company provides a wide range of financial services and products to its clients, from commercial banking to asset management and investment banking. The company’s digital channels are operated remotely, via the internet or mobile phones. The company has digital branches.

The company’s traditional channels are composed of physical branches, digital branches, and ATMs. The company’s network of branches distributes all its products and services in Chile and Colombia, and its ATMs are a convenient and efficient way of serving clients, 24/7 availability, and a very complete services offering.

Itaú Chile

The company’s distribution network provides integrated financial services and products to its customers through diverse channels, including ATMs, traditional branches, mobile banking, internet banking, and telephone banking.

The company operates branch offices in Chile and New York, which includes branch in New York, branches operating as Itaú, branches operating as Banco Condell, the company’s consumer finance division, and digital branches.

The company’s digital branches are mainly aimed at its clients with a digital profile, who value a fast, simple and tailor-made service. This model serves approximately 107,000 clients from the company’s Personal Bank and Itaú segments, has multiple service channels and operates during extended hours.

In addition, the company owns and operates ATMs in Chile through its agreement with Redbanc S.A. The company utilizes a number of different sales channels, including account executives, telemarketing and the internet to attract new clients. The company’s branch system serves as the main distribution network for its full range of products and services.

The company also offers internet and mobile banking to its customers 24 hours a day through its password-protected internet site, www.itau.cl. The company’s internet site offers a broad range of services, including up-to-date information on balances in deposit, checking, loan, credit card and other accounts and transactional capabilities, such as transfers and payments.

The company has an app that offers direct access to the functionalities most used by its users: it allows them to make transfers, check their balance, contract products, pay, block and unblock their credit card, among other actions. During 2022, the company had a monthly average of 250,000 accesses of individual users and maintained the highest ranking among Chilean bank Apps in the Apple, Google, and Huawei stores.

The company is a member of the Sociedad Interbancaria de Transferencias Electrónicas S.A., an organization that facilitates electronic banking transactions on behalf of its customers, as well as other Chilean banks. The company also provides its customers with access to a 24-hour phone-banking call center that grants them access to account information and allows them to effect certain payments by telephone.

Itaú Colombia

Itaú Colombia’s distribution channels provide also integrated financial services and products to its customers in Colombia through several mechanisms, including ATMs, branches, internet banking, mobile app, and telephone banking.

Itaú Colombia operates branch offices and ATMs in Colombia, also providing its customers with access to additional ATMs through Colombia’s other financial institutions. Itaú Colombia utilizes different sales channels, including account executives, telemarketing and the internet to attract new clients. Itaú Colombia’s branch system serves as the main distribution network for its full range of products and services.

Itaú Colombia offers internet banking to its customers 24 hours a day through its password-protected internet site, www.itau.co. Itaú Colombia’s internet site offers a broad range of services, including up-to-date information on balances in deposit, checking, loan, credit card and other accounts and transactional capabilities, such as transfers and payments. As of December 31, 2022, Itaú Colombia had approximately 199,274 customers with activated internet passwords who use the electronic banking service, allowing them to access Itaú Colombia’s internet banking services. In addition, as of December 31, 2022, the company had more than 150,425 users of its Itaú mobile app in Colombia.

Itaú Colombia is a member of ACH Colombia S.A. and Cenit S.A., organizations that facilitate electronic banking transactions on behalf of its customers, as well as other Colombian banks. Itaú Colombia also provides its customers with access to a 24-hour phone-banking call center that grants them access to account information and allows them to effect certain payments by telephone.

Strategy

The development of the company’s strategy is based on five pillars that aim to transform it into a simple, agile, efficient and disruptive bank, creating the path, for the bank of the future.

The company’s key elements of strategy are to disruption, customer-centricity, simplicity and digitization, agile working model, and disciplined approach to achieve sustainable results.

Competition

The company’s principal competitors in Chile are Banco de Chile, Banco Santander-Chile, Bci (Banco de Credito e Inversiones), and Scotiabank Chile. The company also experiences competition from banks that provide international private banking services, such as JPMorgan Chase and BNP Paribas.

The company’s lower income retail banking, Banco Condell, competes with consumer finance divisions of other banks, such as Banco CrediChile and Bci Nova.

Regulation and Supervision

The company, as a foreign private issuer whose securities are registered under the Exchange Act of 1934, is subject to the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA.

The Colombian Financial Superintendency is the authority responsible for supervising and regulating financial institutions, including commercial banks, such as Itaú Corpbanca Colombia, finance companies, financial services companies, and insurance companies.

Itaú Colombia and Itaú Asset Management Colombia S.A. are members of the SRO (Self-Regulatory Organization (Autorregulador del Mercado de Valores-AMV) and are subject to its regulations.

The Central Bank of Colombia’s regulations require financial institutions, including Itaú Colombia, to make mandatory investments in securities issued by the Fund for the Financing of the Agricultural Sector (El Fondo para el Financiamiento del Sector Agropecuario, or the Finagro), a Colombian public financial institution that finances production and rural activities, to support the agricultural sector.

History

The company was founded in 1871. It was incorporated in 1871 by Decree No. 180 of the Chilean Ministry of Finance. The company was formerly known as Itaú Corpbanca and changed its name to Banco Itaú Chile in April 2023.