The 6 main banks in Chile

As of September 30, 2021, the six main banks in Chile represented 86.9% of all outstanding loans granted by Chilean financial institutions.

Such loans exclude the operations of subsidiaries abroad.

Within this coverage, Banco Santander-Chile achieved an 18.1% share of total loans, followed by Banco de Chile (16.7%), Banco de Crédito e Inversiones (14.3%), Banco del Estado (14.1%), Scotiabank Chile (14.0%) and Itaú-Corpbanca (9.6 percent).

As of the same date, the Chilean banking industry consisted of 18 banks, 17 of which were private sector banks and one state-owned bank, Banco del Estado.

However, the Chilean market for banking and other financial services is increasingly competitive and is made up of various market sectors.

From the perspective of Banco de Chile, banks in that country face significant and growing competition among themselves in all market segments in which they operate.

As a comprehensive commercial bank that offers a wide range of services to all types of companies and individual clients, Banco de Chile deals with a variety of competitors, ranging from large commercial banks in the private sector to more specialized entities such as “niche” banks.

It also increasingly faces competition from non-bank companies such as department stores, private hedge funds, and credit unions for some of its credit products, such as credit cards and consumer loans.

Main banks

Furthermore, in recent years and given the country’s outstanding credit rating, as well as the liquidity observed in foreign markets, the local intermediate market, corporations and multinational branches in Chile have increasingly replaced loans granted by local banks for long-term offshore loans.

Meanwhile, Banco de Chile faces competition from other types of competitors, such as leasing, factoring and automotive financing companies (especially in credit products), as well as mutual funds, pension funds and insurance companies, within the savings market. and mortgage.

However, banks continue to be the leading providers of leasing, factoring and mutual funds, while the insurance brokerage business has become an important component of the value offerings that banks provide.


Redacción Opportimes