The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Banking: Citi grows in Chile

Quinenco, the largest shareholder in Banco de Chile, and Citi have agreed a partnership in which Citi will have the rights to acquire up to 50% of the holding company that controls Banco de Chile.

Manuel Medina Mora, Citi Latin America 

"This transaction also underscores Citi’s long-term commitment to a key growth market in Latin America"
Manuel Medina Mora, Citi Latin America

Quinenco, one of Chile’s largest business conglomerates, has 52.2% of voting rights in Banco de Chile, the country’s second-biggest bank, via holding company LQIF. Quinenco is a 100% owner of LQIF. However, with this agreement, Citi will be able to buy up to 50% of LQIF. Citi will at first take a 37.8% stake in the company in a $1 billion deal, with the option to increase this by a further 17.04% for $900 million after the initial transaction is completed. That is expected by the first quarter of next year. Through this partnership, Citi operations in Chile will be combined with Banco de Chile’s local banking franchise and retain up to 20% of the market share in the Chilean banking industry. Citi will also acquire the US businesses of Banco de Chile for $130 million. The deal is subject to regulatory approval.

Citi started talks with the group at the end of 2006 but these ended in January with no agreement: reportedly, Banco de Chile’s controller, Andrnico Luksic, was not willing to give up control.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree