Bci - Our History
1937Banco de Crédito e Inversiones is born, with the participation of Don Juan Yarur Lolas on its first board of directors. On the day of its inauguration, the doors are opened to the public, receiving deposits equivalent to one quarter of its capital.
1944Bci is one of the driving forces behind the formation of the Chilean Association of Banks.
1946Mr. Juan Yarur Lolas is elected chairman of the Bank, a position he held until his death in 1954, by which time the Institution held an important market share.
1954Mr. Jorge Yarur Banna becomes chairman of the Bank. He quickly manages to double the Bank's capital and begins his father's great project of building an institution.
1956The Bank's first branch opens in Valparaiso; the country's main port and commercial center of excellence.
1957The Bank's first branch in the north of Chile, and its third in the country, opens in the city of Antofagasta.
1958Bci creates the first "travelers check" and introduces a new manner of fund transfers, "cashier’s check".
1959The institutional building is inaugurated, constructed at Huérfanos Street N°1134, in the center of Santiago. The same year, Bci is merged with Banco de Curicó, an Institution that was formed in 1882, and the Banks expansion to the south of the country started.
Bci starts an acquisition process for new Postronic bookkeeping machines for checking accounts.
1965Bci throughout Chile:
Branches in Arica. Iquique, Tocopilla, María Elena, Chuquicamata, Calama, Potrerillos, Copiapó, Viña del Mar, Ñuñoa, Puente Alto, San Bernardo and San Diego. The Bank‘s distinguishing logo became an hourglass, symbolising the value that was given to the time of our clients.
1971Bci is the first bank intervened by the authorities of the time as part of a plan to nationalize the privately-held banks. However, Bci maintained the shares in the hands of their owners.
1975The country's new authorities return the management of Bci to its shareholders through a board elected at that time, with Mr. Jorge Yarur Banna as chairman.
1976Bci acquires Banco Llanquihue, an institution formed in 1887, which enabled the Bank to extend its coverage to various places in the south of the country.
1978The most advanced computerization project in Chilean banking begins. Bci processes transactions between branches at electronic speed, including the payment of its checks at any branch. It becomes an “on-line" bank, the first to adopt this operating model.
1981World economic crisis:
Bci wasn't immune and sells part of its loan portfolio to the Central Bank.
1984The slogan "We are different" is launched, which has identified Bci to this day.
1985Becoming a unique symbol in the world. Bci installs an automatic teller machine in Villa Las Estrellas, at the Teniente Marsh Air Base in the Chilean Antarctic territory.
1987Bci creates the first subsidiary that complements the Bank's business: Bancrédito SA. Agente de Valores, later transformed to be the current Bci Corredor de Bolsa S.A.
1988Bci constitutes the subsidiary Bancrédito S.A. Administradora de Fondos Mutuos, which later becomes the present Bci Administradora de Fondos Mutuos S.A.
1989As a unique initiative in the market, Bci offers the first nonbearing deposit account system, called "Cuenta Prima", originally aimed at students who have to study away from their home towns. This is later adopted by all banks and is now called the "electronic check-book"
1990The Corporación de Crédito al Menor is created and Villa Jorge Yarur Banna is set up to provide a home for extremely poor girls at high social risk. It receives the support of Bci and of its staff as partners.
1991Before its due date, Bci fully repays the obligation to repurchase the loan portfolio which it had contracted with the Central Bank of Chile in 1982.
1991The same day as the payment of this obligation, which had affected the earnings of Bci during all those years, Mr. Jorge Yarur Banna unexpectedly dies at the precise moment when compliance was announced of the commitment that had become one of his major concerns.
1991He is succeeded as chairman of the Bank, and until now, by his nephew, Mr. Luis Enrique Yarur Rey, who entered the Bank in 1975 and was appointed as chief executive officer of Bci in 1980.
1992The brand name is shortened to Bci and new corporate colors are presented. New subsidiary: Bancrédito S.A. Asesoria Financiera (now known as Bci Asesoria Financiera S.A)
1998Bci opens a representative office in Lima, Perú.
New subsidiaries: Bci Corredores de Seguros Ltda, Bci Normalize S.A. and Bci Factoring S.A.
1998Bci creates a novel distance banking service called T-Banc, with 24-hour telephonic services.
1999The Miami Branch in USA is opened, Bci's first foreign office, which today is a branch authorized by the Federal Reserve Bank of U.S.A. Bci acquires 35% of Solución Financiera de Crédito del Perú, in which Banco de Crédito del Perú holds 55%. Bci opens a representative office in Lima, Perú. Bci acquires Bci Factoring S.A.
2000Bci opens a representative office in Sao Paulo, Brazil.
Bci creates the subsidiary Bci Securitizadora S.A., inorder to manage separated assets composed of debt instruments supporting a bond issue.
2003A Bci representative office is opened in Mexico City.
2004Bci acquires shares and corporate rights for Banco Conosur, its subsidiary Genera Corredores de Seguros Limitada and its company Servicios de Cobranza Externa Limitada (Sercoex).
2005Banco Nova is founded
2005The Annual Report is accompanied by the first Corporate Governance and Corporate Social Responsibility Report, and the Code of Ethics.
2006Bci's corporate building is inaugurated, located at Avenida El Golf 125, Las Condes, Santiago, the Bank’s new headquarters, with a modern and comfortable structure of 18 floors.
2006Bci forms the new subsidiary Administradora General de Fondos S.A. mainly intended to manage investment funds of different kinds. Bci decides not to dissolve the subsidiary Bci Servicios de Personal SA as a result of the amendments introduced to the Labor Code with respect to subcontracting personnel, which meant adding its staff to those of the Bank.
2007Bci is the first SouthAmerican bank to get the ISO 27001 Certification for operational quality.
2008Bci is the first Latin American bank to issue bankers acceptances in the Hong Kong market.
2008Private Banking is founded.
Bci Full 24x7: 92 branches are equipped with modern equipment that allows clients to make numerous transactions.
2010The first carbon-neutral credit card, made with recycled plastic and allows customers compensate their Co2 emissions. Bci also introduces the first carbon-neutral checking account.
2011Bci is the first Latin American bank to issue bonds in the Mexican markets.
2012Creation of the "Shared Value” program, which is a business model based on generating joint economic value from the day our clients set their aspirations to the day they achieve them, with the goal of benefitting the client, the bank, and most importantly the economic and social development of the country nationwide.
2013City National Bank of Florida (CNB), which when completed will be the largest investment made by a Chilean company in the United States.
2014Japan Syndicated Loan: Loan given exclusively by Japanese banks (exception of one from Taiwan). It Includes 2 big Japanese banks and 4 Japanese regional banks.s
2015Bci completed the process of purchasing City National Bank. Bci invested US$946.9 million to purchase the bank. This represented an historic step in Bci’s internationalization strategy, becoming the Chilean bank with the greatest presence in the United States.
2016Bci successfully increases its capital by USD 400 million. After the subscriptions of over 97% of prefer rights, Bci placed the remaining of unsubscribed shares through a successful option in Santiago Stock Exchange. Bci went on a successful domestic and international Roadshow in the main markets of the world for this capital raise including Brazil, US and Europe.
Banco de Crédito e Inversiones opened its doors to the public on June 10th, 1937 after being authorized by Ministry of Finance’s Decree Nº 1683 of May 7th, 1937. Established as a banking corporation, from its beginnings its main objective was to attend to the productive sector of the country, focusing mainly on small business and family work. Since the Bank went public, it has been characterized by its ongoing quality of service, innovative spirit, and a determined purpose to attend to the different segments of the economy. This orientation was one of the starting pillars of the Bank, and the approach of its first Board of Directors, of which Juan Yarur Lolas and other prominent entrepreneurs of the time were members.
Today we see Bci is one of the most important banks in the country, with numerous subsidiaries that complement and support its business, with more than 300 offices in Chile, international representaion, thousands of customers from different markets, around 10,500 people compose its staff who responsibly help to maintain the Bank as one of the principal players in the Chilean banking system, and with control remaining in the hands of the same family that have led the Company since its birth.
The Bank aims to meet and resolve the financial needs of individuals and companies, offering a wide range of products and banking services, constantly seeking improvements in its operations, products and services.
Bci headquarters is located in Avenida El Golf 125, Las Condes, Santiago, Chile. Phone: (56 2) 692 7000, website: www.bci.cl.