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Strong and Steady, with a banking system to match 2 Years ago Market Spotlight Chile, like many of the export commodity-driven success stories of the past decade, has been hit by the slowdown in global markets. Even though the economy is growing at 2.
In addition to good macroeconomic fundamentals for Chile as a whole good GDP growth, low debt, manageable unemploymentthe country continues to be well served by the strength of its banking system. Australia, Canada, and Switzerland Good: Brazil, India, and Italy Morningstar - June Evaluation of the stability of 22 national banking systems.
Strong sovereign credit fundamentals and a strengthening regulatory framework also support the stable outlook. Chile experienced a severe economic and financial crisis in in which numerous banks were seized, nationalised or dissolved. The economy contracted GDP fell by Across the remainder of the s and into the s, Chile rebuilt its banking system and strengthened its oversight and regulation.
See Table 2 This concentration in the market is the result of a series of mergers that began in the s that were driven by a need to increase scale and operating efficiency.
For example, Banco Santander-Chile, the largest bank by assets, is the result of 7 separate mergers carried out between and There is talk of a new wave of consolidation, which has already kicked off with the current deal to merge Corpbanca and Banco Itau-Chile.
There is speculation that many middle-tier banks are now considered to be attractive targets, particularly for Chinese banks hoping to set up operations in Chile. This last group of banks emerged from the opportunities created by the merger wave that dominated the banking industry in the s.
This was followed in quick succession by Banco Ripley, which was formed by Ripley Corp another retailer in and then Banco Paris was formed by Cencosud in Top Ten Banks in Chile — April Retail Payments Finally, in rounding out a review of the Chilean banking system, one cannot overlook the issue that has been dominating Chilean news and politics — the cash shortage facing average Chileans.
In comparison with many countries that are moving away from cash usage, Chile continues to have a surprisingly high reliance on cash for its everyday payment activity. Since mid, Chileans have been enduring a mini-crisis as the number of functioning ATMs in the country has been steadily shrinking.
After caps on interchange fees and a range of bank robberies, where thieves have either blown up or torn ATMS from their moorings, banks have taken to shutting down ATMs on weekends and declining to replace those that are destroyed by theft. What this has meant to the average Chilean is that long queues form at the ATMs and many that do work are frequently empty of cash.
However, Chile does have one advantage when it comes to retail payments — person to person payments. In Chile, it is easy to send money using the internet and at no cost to the consumer.Top 10 reasons to invest in Chile.
1. Dynamic Economy Chile has the most dynamic economy in Latin America. In , Chile’s GDP expanded by % while per capita income reached its highest level. A complete guide to investing in one of the world’s most dynamic economies CHILE doing business in Contents Top 10 reasons to invest in Chile ..
4. The support of this economic group [Hurtado-Vicuña] was huge in comparison to this other group of professionals, who had the best of intentions, but nobody knew who they were.
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