Annual Report 2006

Social Commitment
Annual Report 2006
In this first issue, which reports
on our commitment with society,
we want to show the values that
identify us reflected in concrete
actions and maintained over time
to the benefit of the community.
The commitment of Banco de
Chile with its customers, staff and
society in general reflects the
Bank's leadership position over
its 113 years of history and
ensures sustainable development
over time.
We are proud to publish the
efforts that have enabled us to
have a work team of a high
human and professional quality,
capable of offering products and
services of excellence to our
customers and also supporting
activities for the good of the
community.
Our Staff
Our Customers
We are therefore building the
Chile that we all want.
Our Community
Our Staff
“Strengthening the
commitment should
constitute a permanent focus
for the companies. This is not
generated spontaneously but
is the result of planned work
that seeks to create a series
of agreements and mutual
benefits involving everyone”.
Jennie Coleman, Human
Resources Division Manager
03
If Chile Growths, You Grow
Our staff is the engine that drives the
share of Banco de Chile. We therefore
recognize the importance of attracting
and motivating people having enthusiasm
and innovative ideas that meet the needs
of our customers. We also value the
intellectual and social capital they
represent and make every effort to create
a working atmosphere in which everyone
can achieve their full potential, respecting
the variety of ideas, cultures and skills.
THIS IS WHO WE ARE:
• At December 2006, Banco de Chile and its subsidiary
companies had a total staff of 11.163 people. The 11%
increase over the previous year shows the increase in jobs
provided by the Bank, consistent with our growth targets.
• Our work team is made up 57% by men and 43% by
women.
• 69% of the Bank's staff work in the Santiago Metropolitan
region and the remaining 31% are distributed over the
different regions of the country and abroad. More than
130 people work for Banco de Chile outside the country.
• 32% of the Bank's staff is a member of a union.
• With a young profile, the average staff age is 36, with
an average of 8 years' service in the organization.
Our Staff
04
Productivity per Employee (Ch$ million)
Loans / employee
Earnings / employee
27.3
23.2
25.4
27.0
1,308
1,218
1,079
2003
1,107
2004
2005
2006
Number of employees (unconsolidated)
6,093
6,366
6,770
7,232
If the Chile Grows, You Grow
During 2006, and in support of the Bank's aggressive annual
growth plan, an internal and external recruitment process
was carried out to meet the new business requirements. The
Bank follows a policy of motivating internal mobility based
on merit, with transparent definitions and clear procedures
for allowing staff to have access to new positions or
responsibilities in the company, according to their skills,
potential and performance.
• 650 promotions were made during 2006, benefiting men
and women in equal proportions.
• 77% of all these promotions were of people of between
26 and 40 years of age, thus motivating their professional
development and careers within the Bank.
• Valuing equally the different contributions, the promotions
strengthened both the commercial and the support functions:
48% of promotions were in commercial positions and 52%
in support jobs.
• From a regional point of view, 66% of all promotions were
in the Metropolitan Region and 34% in the other regions.
Between 2003 and 2006, the
Bank's workforce, excluding
subsidiaries, grew by 19%, with
an increase in productivity in terms
of loans per employee of 21%.
Over the same period, productivity
in terms of earnings per employee
grew by 16%, maintaining a
return on capital of 30% during
the last few years.
During 2006, and despite the
7% increase in jobs equivalent
to 462 employees, the Bank
increased its productivity in loans
by more than 7%.
In order to make the internal mobility process more transparent,
Banco de Chile has strengthened its internal competition
policy for filling job vacancies, a policy that has increased
progressively since 2003. During 2006, 89 internal competitions
were held, more than twice those of the previous year. As a
result, 66% of the positions generated by the opening of
offices of Banco de Chile and Banco Edwards, and 40% of
the vacancies in new branches of CrediChile were filled by
existing staff.
Complementing this policy and in response to the Bank's
strong growth, with a loan expansion of more than 44% in
the last 3 years, we have increased our workforce significantly
with personnel of excellence. It is notable that, despite this
increase in the workforce, productivity, both in terms of loans
and earnings per employee, has increased substantially.
05
Much More than your Salary
In Banco de Chile, The culture of commitment and excellence is fundamental for achieving the institution's strong growth
objectives. To motivate this culture and contribute to the business objectives and the success of the projects involving change,
the Bank has to generate suitable conditions so that people direct their actions in line with corporate targets.
The purpose of the global compensations system is to foster employees' commitments with the Banco de Chile organization
and this translates into a coherent policy of remunerations, incentives and benefits. Transparency, well established, known
and accepted targets, an incentive system with little margin for discretion and clear measurement, have allowed the introduction
of the value of merit.
During 2006, voluntary salary increases were awarded to about a fifth of the Bank's workforce (unconsolidated), of which
39% were promotions and 61% were granted for outstanding performance.
However, an objective of the Corporation has been to extend the benefits granted to its staff over and above the
established and contractual remuneration. These benefits include multiple aspects, whether related to individual or
collective performance, or to personal development.
During 2006, an orientation campaign was carried out called “Much More than your Salary” which rewards excellence
in performance and stimulates the achievement of targets through variable incentives, which have a high impact on the
construction of a culture of excellence and merit within the institution. This concept is based on rewarding the employee
according to their efforts and achievements, maintaining internal equity and external competitiveness and also providing
benefits that permit the balancing of working and personal lives.
Fixed Income
Incentives
Benefits
• Base bonus.
• Variable income.
• Bonuses for excellence.
• Bonuses for commercial integration.
• Outstanding executive bonus.
• Sales performance bonus.
• Campaigns bonuses.
• Vacations, Christmas, national holiday, school bonuses.
• Integral health insurance.
• Social medical program
• Sports, cultural and recreational activities.
• Nursery and kindergarten.
• Free life insurance.
Total Remuneration
Our Staff
06
School Benefits:
• The Bank provides school help for children of staff
who show outstanding performance. The objective is
to provide financing of school fees of children who meet
excellent school achievement standards. The contribution
is just one and the amount depends on the expense
demonstrated.
• Adolfo Rojas 2006 Scholarship: granted to children of
Bank staff who obtain the national university entrance
grade. It covers the costs of enrollment and the university
course fees chosen by the winner over the whole term of
the course, plus transportation and meal costs, while
maintaining the requirement of academic excellence.
Health Insurance:
Complementary Insurance, Dental Insurance and High-Cost
Insurance. Cover the differences not covered by the respective
heath-cover plans to the benefit of employees and their children
and spouses.
At December 2006, the total of employees covered was 7,197,
involving an insured population that includes the family group
of 16,327 people. During 2006, 81,894 requests for
reimbursement were processed with respect to complementary
insurance. In addition, 12,185 requests for payment were
processed under the dental insurance cover. The cost of these
insurances is also fully financed by the Bank.
Life Insurance:
The Bank provides to its entire staff a life insurance policy at
no cost to the employee, with cover for 24 times salary, with
additional cover for disability and accidental death. The cost
of the insurance is fully covered by the Bank.
Recreational Centers
The Bank's staff and their families can use the different
Recreational Centers for carrying out different recreational,
formative and sporting activities. Access to the Stadium,
Physical Activity Center and Las Brisas Cabins at Algarrobo
and Los Castaños de Graneros, which are fully equipped, is
available throughout the year at reduced prices for Bank staff.
1,352 employees enjoyed these facilities during 2006; in
family group terms, this involved 5,408 people.
The children of Bank staff can also enjoy the summer and
winter schools which offer a varied formative, sports and
recreational program including classes in swimming, manual
arts and dance, and organized excursions. In 2006, 468
children of Bank staff of between 6 and 12 years of age took
part in these schools.
Heath Expences Distribution During 2006
Emergency
2%
Consultations
18%
Hospitalization
23%
Maternity
5%
Examinations &
procedures
15%
Optic, prosthesis & orthesis
13%
Pharmacy
24%
Nursery and Kindergarten:
Monthly contribution to staff with children of up to 4 years
of age, including transfers to the nursery.
07
In Favor of a Full Life
The general globalization process has had important
The Bank is therefore offering its staff a broad range of
repercussions in the labor area. The separation between
programs that contribute to a better quality of life, both their
personal affairs and work has become increasingly more
own and their family's, by integrating the different members
diffuse, with the development of communications technology
and creating a link of mutual commitment. This is the case
contributing to this. Work has been introduced into the home
of the health promotion, psychological orientation and legal
and shown up numerous personal needs that require to be
programs for dealing with various problems or situations,
resolved in harmony with the tasks assigned by the company,
and the Chile Mujer and Chileactivo programs, etc. The
making evident the need to make the working life
purpose of these programs is to foment the creation of spaces
compatible with personal and family life.
and alternatives so that the organization's members can
develop their skills and knowledge base in a pleasant and
healthy environment, sharing recreational or sports activities
with their families.
The Chile Mujer Program. Contemplates activities directed
to the integral growth of the woman in the professional,
family and personal areas. The program includes health
activities, orientation in persona care, healthy diets, pregnancy
advice, make-up workshops, preventive medical examinations
for women and orientation talks. During 2006, 1,954 people
attended these courses.
Health Promotion. Health care is among the priorities
of Banco de Chile. It therefore offers a health promotion
plan that includes preventive examinations, nutritional
attention, smoking control and controlled physical activity.
At December 2006, the number of employees covered
by this program was 2,182.
Our Staff
08
Orienta Program. The coverage of this program was
extended in 2006 to new areas, reinforcing legal orientation
within the global program. The most popular activities were
Teatro Pareja, individual psychological attention and virtual
legal orientation. The total of participants in Orienta 2006
was 1,379.
Vivienda Program. Begun in June 2006, it intends to resolve
doubts related to the housing needs of our staff, advising
and incentivating those applying for state housing programs,
both in the regions and in Santiago. Those participating in
the talks, savings programs and individual and family
orientation totaled 874 people in 2006.
Chileactivo. Makes arrangements for members of the
organization to share with their families in cultural, recreational
and sports activities. During 2006, various events were
organized for the staff of Banco de Chile and their families,
like the cinema, ballet, theatre, opera, exhibitions and sports
competitions.
The members of Chileactivo total 3,104, corresponding to
staff registered in the different sporting activities, formative
schools for children and cultural workshops.
Banca Propia. exclusive to all those working for the Banco
de Chile Corporation, provides excellent benefits, exclusive
attention through remote communication channels, no
account maintenance commissions and specially-arranged
conditions for employees of Banco de Chile. The products
available are checking accounts, with almost 4,000 accounts
open, sight accounts, lines of credit, credit cards, with over
4,400 cards issued, charge cards, insurance plans for the
home and cars, total insurance, consumer loans, mutual
funds, voluntary pension savings, Banchile mutual funds
accessible with small amounts, and mortgage loans, with
1,033 loans granted to our employees.
09
Development and Perfectioning: An Opportunity
CAPACITACION
CAPACITACION
Training efforts are included in the same sense of
contributing to the full development of our personnel.
These are focused on improving the effectiveness of
performing assigned tasks whilst delivering personal
enrichment and strengthening individual employability.
The Bank thus understands that training is an instrument
of mobility, not just work wise but socially, as it
enables people to develop new skills and knowledge that
will serve to improve their present performance and take
better advantage of opportunities. The benefits are not
only for the people but also for the company, thus stressing
the link and the commitment.
The Bank has development and training programs adapted
to the commercial environment and to the challenges
faced by or business. Training is directed to all segments
of the Corporation, according to their functions and needs.
Specific plans are therefore prepared to cover the
requirements of the different areas, providing timely and
effective training aligned to the organization's targets.
An important development application has been the
initiative for the identification, development and association
Our Staff
10
of high-potential professionals, begun in 2004. The
focus of this program has been the training of leaders in
the commercial divisions and includes coaching, workshops
in leadership and management skills, as well as the carrying
out of activities that promote networks between these
professionals and the managers of the different divisions.
In December 2006, a new group of professionals was
defined to begin their activities in this talent program,
with which the Bank now has a total of 86 professionals
in this program.
Recognizing the importance of departmental heads, both
for achieving objectives and so that they maintain healthy
working environments, the Bank is permanently updating
its leadership programs in order to provide practices
and tools to manage people and teamwork groups. Given
the wide variety of requirements in Banco de Chile, and
bearing in mind that people learn in different ways, the
Bank's strategy is based on multiple media and methods:
e-learning, open offers to permanent courses, self-learning
courses, in house or externally, each defined as a function
of the required learning objectives and business times and
needs.
With this purpose in mind and with the aim of delivering
the highest standards of quality, Banco CrediChile has
created a highly committed team that participates in
training and development activities delivered by our Banco
CrediChile Corporate University. This educational
instance has the objective of increasing the human capital
of our organization, being responsible for the certification,
thanks to an agreement with Pontificia Universidad Católica,
Inacap and Instituto de Estudios Bancarios Guillermo
Subercaseaux, that our employees count with the required
skills to perform their duties. Currently, 98% of its
employees are attending the program.
training initiatives like the Corporate Banking DivisionUniversidad Católica and the Operations and
Technology Division-Universidad de Chile diplomas
were well received. In all, 90 people took part in internal
and external post-graduate studies in 2006. There was
also a Commercial Management Program that provided
sales techniques to more than a thousand people
throughout the year.
At the same time, the development of young professionals
in the commercial area was promoted through a 6-month
training program to motivate strong performance. In 2006,
• Training programs
benefited 19,289 people
during 2006.
• The total training hours
were 279,470, equivalent
to 4.3 days of the year for
each employee.
• 37% of the training hours
were given using the elearning system.
11
Do the Right Thing and More
Customer trust is one of the principal assets of Banco de
Chile and keeping that trust is a constant concern. Within
the framework of the corporate governance initiatives
promoted by the board during 2006, a strategy was designed
to strengthening ethical standards among the staff in
the area of excellence, honesty and integrity in their actions,
over and above established regulations.
Knowledge of institutional regulations was reinforced,
presential and remote education programs were begun to
facilitate the proper understanding and knowledge of internal
regulations and the organization was involved in the
communicational campaign “Do the Right Thing and
More”. This campaign rests on the description of actual
cases in which there are conflicts of interests, their analysis
Our Staff
12
(based on the regulations, the principles of confidentiality
and the shelter of internal and external regulations) and
their solution.
Some landmarks in this sense have been the updating and
mass publication of the Ethics Code and Internal
Regulation, plus the creation of the Global Compliance
Division and the Ethics Committee.
There are also permanent consultation and orientation
channels for expressing concerns about own or other
conducts. These channels are the Ethics committee, direct
departmental heads and the Risk Control Division which is
specifically concerned with accounting and financial matters.
“Do the rigth thing
and more...”
“Each one of us is responsible to act
with excellence and truth on a daily
basis, and always maintain the balance
between the Bank and the customers´
interest. This is to do things right,
ultimately being ethical”.
Pablo Granifo
Chief Executive Officer
The CEO´s setter Publisher in the Intranet reinforces the values that sustain the doing our staff.
13
Clima Organizacional
“You mark the difference”
Social recognition 2006
The perception of employees about the working environment
is measured annually through a study of the organizational
environment whose results allow the development of actions
that improve the working atmosphere. Banco de Chile has
made big efforts and taken initiatives for managing the
working environment in order to continue strengthening
employees' commitment with the institution. A working
climate study has been carried out for some years now across
the whole organization. Different variables have been added
to the measurement to refine the conclusions and plan its
future management.
Our Staff
14
The coverage of the organizational climate study in 2006
achieved a 92% employee participation, an increase of 2
percentage points over the year before, meaning more than
500 additional staff being involved in the process. The
dimensions evaluated were:
• Ethics
• Customers
• Processes
• Resources
• Leadership
• Develpment
• Commitment
• Training
• Flexibility
• Senior management
• Compensation
• Recognition
• Team work
• Daily activities
• Life-work balance
• Performance management
• Physical environment
During 2006, the Bank modified its climate survey
to make it comparable to world-class practices.
Despite this being a more demanding
measurement, the inclusion of new dimensions
not previously assessed did not prevent the results
from remaining at a very high level. The results of
the climate survey in previous years corresponded
to an internal design, with fewer variables
evaluated, which do not make them comparable
with 2006. However, they do show a growing
trend as a consequence of the management carried
out based on those measurements.
Social Recognition
Banco de Chile has developed action plans in recent years to
cover gaps detected in the dimensions that reinforce people's
commitment, integral management being a key to be successful
in a competitive industry
During 2006, certain variables were especially targeted such as
the reinforcement of Social Recognition, and Ethics and
Commitment, among others. In Social Recognition, a policy was
introduced whose challenge was to strengthen day-to-day
recognition and the role of heads in each team, rewarding
excellence and promoting self-esteem and permanent motivation.
The program reinforces values through monthly campaigns by
types of conduct like Excellence, Commitment, Team Work
and Collaboration.
• During 2006, the percentage of managers who recognized
their staffs were 37% and the personnel recognized were
1,394 people, rewarded with dinners and gifts, among other
incentives.
• The Recognition variable within the climate survey has improved
over the years, reaching an evaluation of 72% in the survey
made in 2006.
• This figure involves an improvement of more than 24% in the
survey result, compared to the previous year
Global Climate Survey at Bank Level (net)
(Maximum of 100%)
71.3%
77.2%
2003
2004
84.6%
78.9%
2005
2006
Likewise, the evaluation processes have been crucial in the
perception of climate, allowing the utilization of an objective
tool and with accepted variables being measured periodically
and at pre-established times.
We thus have a Performance Evaluation process validated
at the organization level, which enables us to support
human resources decisions (compensations and promotions)
with information on performance attributes and the goals
of each employee. The process contemplates the evaluation
by the line manager of the defined skills, the goals in the
case of professionals, management and commercial
positions, as well as the appreciation that each leader has
of its staff.
At the same time, 3 years ago we began Upward
Evaluations whereby every employee is able to evaluate
the leadership skills of their line manager. This process
enables us to have detailed information on the strengths
and weaknesses of our leaders, thus permitting us to focus
our efforts on recognition, support and development.
During 2006, a total of 775 managers were evaluated
by 5,700 employees.
15
Building a Better Place to Work
In 2006, Banchile Corredores de Seguros and Banchile Corredores de Bolsa took part in the survey that defines the
best places to work in Chile. Both companies obtained outstanding results in the evaluation made by The Great Place
to Work Institute Chile (GPTW), an entity that rates the best companies to work for in the country, measuring variables
such as the working environment, comradeship, team work, pride and commitment, etc.
Both subsidiaries were mentioned among the best 35 companies to work for in Chile from among 175 other
companies taking part. In particular, Banchile Corredores de Seguros obtained second place as the best place to work
in Chile. Notable also was the achievement of Banchile Corredores de Bolsa which ranked in 18th place.
In May 2006 also, GPTW recognized Banchile Corredores de Seguros as one of the best 100 companies in Latin
America and one of the three most credible.
Our Staff
16
17
Our Customers
“If it starts kicking is because the house is getting small.
It would be good to start thinking on another one.”
In Banco de Chile we know that
the aims of our customers are
also ours. We help build their
future while forging our own,
with enthusiasm, quality of
work and a genuine interest in
attending them.
19
Even Closer
The work and energy of our staff provides the strength and
moves our organization. But our customers are who
trace our route map. They provide us with the direction
in which we should focus our efforts and, through their
interest and needs, show us the road we should follow. It
is the task of all of us to know how to recognize these and
be capable of acting accordingly: in time, with the best
products and with a service of excellence.
“It has promptly solved my problem”.
“They call me, returning my calls and emails”
“…what happens is that in a relationship with
banks who attends you, usually the account
executive, is the key”
The National Consumer Satisfaction
Prize, awarded to our Bank in 2006,
makes us feel proud. We shall continue
to work to become even closer.
“Close to the customer” expresses well what we want
to achieve. Closeness in opportunity and location, and
also in cordiality and respect for their requests and decisions.
During 2006, we have broadened our offers and
incorporated substantial technological and commercial
improvements to fully attend our customers, effectively
accessing new sectors of the population.
With 132,798 new customers in 2006, Banco de Chile
serves a total of more than 1,500,000 active customers.
The quality of our service network, in terms of both
available contact points and distribution and access, is evidence
of our intention to be available wherever and whenever our
customers want.
44 new branches were opened in 2006 to complete a physical
network of 293 branches and sales points, extending from
Arica to Puerto Williams. in line with our strategy and seeking
to support and participate in the development of new centers
of economic activity throughout the country., 28 of the new
branches were opened in the regions. Tocopilla, Illapel, Llo
Lleo, Villa Alemana, Con Con, Rengo, Traiguén and Quellón
branches were added in 2006 to the structure of Banco de
Chile. Thus 53% of our network are now dedicated to
strengthening regional enterprises that will contribute to
the integrated development of different parts of the country.
With similar emphasis, we have focused a good part of our
efforts on becoming closer to a group of customers who are
attended through the Banco CrediChile structure, which
provides specialized and focalized products to those who are
Our Customers
20
initiating banking activities. This platform was expanded
by over 36% during 2006, with 61% of its service points
established in different regions and 39% in the capital.
Also forming part of our physical network, we added 198
new automatic teller machines (ATMs) in 2006, some in
remote places like Pica in Chile's 2nd Region and. Currently,
the remote channels network includes 1,456 terminals of
which 53% are in the Metropolitan Region and 47% in the
rest of the country.
Taking advantage of this extensive coverage and its strategic
location, the Banco broadened the use of its ATMs to introduce
the possibility of providing access to pre-approved consumer
loans, available automatically, making it a pioneer in the
market. The idea is to extend this option to small and medium
businesses that need to obtain loans through an agile and
transparent process which eases their daily work.
.
Total Branches
by Region
7
15
Openings in 2006
by Region
I Region
- Iquique
II Region
- Calama Centro
- Mall Plaza Antofagasta (2)
- Tocopilla
III Region
4
8
37
136
Pica, Ist Region
Our Network across Chile
44 New Branches in
2006
Network of 293
Branches
53% in Regions across the
IV Region
- Illapel (2)
V Region
- Con Con
- La Ligua
- Llo Lleo
- Villa Alemana (2)
Metropolitan Region
- Centro de Justicia
- Chicureo
- Estado
- Independencia (2)
- La Florida Sur
- Mall Arauco Maipú
- Mall Plaza Oeste
- Mall Plaza Tobalaba
- Mall Puente Alto
- Municipalidad de Vitacura
- Peñaflor
- Pudahuel
- Quilicura
- San Pablo
- Santa Rosa / San Joaquín
13
12
21
14
country
17
4
VI Region
- Rengo
VII Region
- Talca
VIII Region
- Concepción III
- Mall Plaza El Trébol
- Yungay
IX Region
- Angol
- Temuco III
- Temuco IV
- Traiguén
- Victoria
- Villarrica
X Region
- Ancud
- La Unión
- Puerto Montt Alto
- Quellón
- Valdivia II
XI Region
5
XII Region
21
Forging a Better Future
Taking an active part in the process
of incorporating segments of the
population that are scarcely attended,
Banco de Chile has designed products
to meet the needs of pensioners,
students, micro-businesses and
women heads of family, among other
sectors, who want to develop a
remunerated activity or become
inserted in the economic cycle.
As the first financial institution founded in Chile, we well
understand the important role of the banking system in national
development, making available to companies and individuals
a competitive range of financial products and services that
allow the development of projects and the personal and
corporate enterprise of our customers. The banking penetration
process being experienced in Chile, based on a well capitalized,
profitable and technologically reliable financial system,
contributes to the sustainability of growth of the population
segments beginning their activity in the financial area.
While Chile shows progress in
terms of availability of products,
the figures show that there is
still a large part of the
population that remains distant
from the facilities and
advantages of habitual access
to financial services.
Although in terms of depth of credit (one of the dimensions
of the extension of banking), our country is placed well above
other countries in the region, with a Loans to GDP ratio of
close to 70%, banking penetration is more than just access
to credit. The existence of savings instruments, effective and
cheap payment mechanisms, financing alternatives like leasing
and securities issues, insurance and interest rate and currency
hedging, are crucial to the process of assimilation of effective
financial conducts by the market.
Bank Product Coverage at the National Level
Units per 100 members of the workforce
2005
2000
Change
Checking Account
Credit Card
Charge Card
Sight Account
Time Deposit
16
40
31
20
120
+13%
+50%
+184%
+50%
-17%
18
60
88
30
100
Source: Morales y Yánez, Research Department, SBIF, 2006.
Our Customers
22
A battery of financial tools, specially designed to provide flexibility, together with suitable conditions for the
capacities, habits and restrictions of each customer group, permits providing them with access to new growth
opportunities and also ensuring a suitable and controlled level of risk. Our commitment to these groups of
customers impels us to permanently pursue efficiency. As we become a more automated Bank and with lower
costs, more prepared we will be to attend in a profitable way these customers that enter the banking system.
It was with this perspective that a credit card with fixed repayment instalments was conceived, implemented
in 2006 and aimed at pensioners, persons on low incomes
and students. The card is flexible and can be paid with
discretional or minimum payments, or in fixed quotas
determined in advance and linked to the customer's
payment capacity. The card also offers arrangements
permitting discounts at commercial and health
establishments and even health insurance cover, thus
reinforcing the idea of value offered to our customers.
Our commitment to the process of extended bank penetration also includes the
delivery of the necessary tools to many people who are beginning a business
activity on a small scale whose success will often depend on the possibility of
obtaining credit. With that goal in mind, Banco de Chile maintains an alliance
with Hogar de Cristo in support of Fondo Esperanza, a non profit organization
that grants micro-loans and education programs focused on supporting the
management of small enterprises, whose proper channelling can contribute
substantially to overcoming the difficult economic situation of many families in
our country.
In 2005 Banco CrediChile started this program with 5,500 clients. At the end of
2006, it reached a portfolio of more than 13,000 small entrepreneurs. The support
is aimed at people whose monthly income is lower than Ch$ 40 thousand, to whom grouped loans are delivered
in order to start their small businesses. These loans record a recovery rate of 100% and generate an estimated
increase of around 40% of their income. It is interesting to note that 88% of the micro-loans are received by
entrepreneur women, whose in their majority are the head of their household.
23
Growing in Technology
The use of technology has contributed to making processes
channels, like attention desks and the tellers in our
more efficient, both for the banks and for their users,
traditional offices. Despite this trend, Chile still has a
whether individuals or companies. The possibility to carry
great opportunity to make its processes more efficient
out transactions in remote locations not only reduces
by making more use of these remote channels. This
operating times and the related costs but allows the
is shown by comparing the frequency of use of payment
processing of larger volume of transactions, providing
mechanisms using plastic cards, where Chile shows
quality to a larger number of customers.
(according to the latest available information) a volume
of transactions per inhabitant far below that of more
These are the characteristics that explain the higher level
developed countries, both in the use of credit and of
of use of electronic channels in carrying out banking
charge cards.
transactions in recent years, as opposed to the traditional
Number of Transactions per Unhabitant per Year
95
100
100 100
41
2
7
Colombia
With Credit Card
10
3
Mexico
13
17
19
24
5
Chile
Brazil
Italy
With Debit Card
Source: Morales & Yáñez, Research Department, SBIF, 2006 (using numbers for 2004)
Our Customers
24
Portugal
United Kingdom
Banco de Chile has actively promoted the use of remote
channels in order to provide a faster and more flexible service
to its customers, and also to introduce more efficiency to its
processes. The number of transactions made through
traditional channels has therefore been reduced from 38%
to 24% in the last 3 years. During 2006, total transactions
made using our ATM network increased by 5% while those
made via the internet increased by over 20%. On the other
hand, transactions made via tellers and enquiry desks reduced
by over 8% and 37% respectively, reflecting the greater
facility and convenience of electronic channels for our
customers.
Change in the Volume of Bank
Transactions per Channel in 2006
-8.1%
5.2%
-37.4%
20.3%
Tellers
In the case of the internet channel, the number of
monetary transactions over this channel has
doubled in just three years, and more than 60%
of our checking account holders use it for some
type of transaction. The internet platform for the individuals
market was innovated by designing mini-sites for the different
retail campaigns. The full implementation of the Bank's global
attention model allowed the presentation to customers of
DigiPass
ATM
Enquiry Desk
Internet
specific campaigns according to the needs of the different subsegments. Access to flexible technology platforms motivated
the re-launching of mortgage products with a pioneering
advisory service through a specialized web site and a novel
enquiry system via on-line dialogue (“chat”).
The Companies internet channel continues to consolidate itself
as a leader in satisfaction, offering specialized operations in
foreign trade, on-line investments, a new collections portal,
etc. A Centralized Attention Model was also introduced during
2006 that provides a more agile service by permitting fluid
joint work between the different divisions, which has a positive
effect on customers' relations with the Bank and increases
productivity.
In both the retail and wholesale markets, the use of the internet
for banking transactions was strongly reinforced with the new
high-security password service, “DigiPass”, which, through
a dynamic and personal password grants high reliability in
electronic funds transfers to third parties, making the Bank
one of the leaders in security matters in Latin America.
25
Neos Plan: Responses of Excellence
In 2003, our Bank began an undertaking of great importance
that has involved the whole organization due to its breadth,
the project's technical quality and the favorable impact, which
we already perceive, on the development and growth of our
businesses, with quality and focus on our customers. This
project, which represents an integral technological
change, is based on a renewed concept of customer
attention, in any market segment, by recognizing different
needs and providing the necessary information for preparing
a value proposal adjusted to that need. This concept, which
appears to be revolutionary, involves a significant change in
the way we attend our markets, in which offers that are barely
differentiated generate customer dissatisfaction.
We are confident that the efforts made enable us to offer a
world-quality platform, always maintaining the customer as
the focus. Within this project, 2006 was the year for the change
of the loan systems. In four stages, from January to December,
the Bank's loans were transferred from separate systems for
each banking division (companies, individuals and consumer
loans) to just one system. From the customer's point of view,
we today have precise, timely and global information
for attending any loan-related requirement. The new
loans system calculates and records interest daily which permits
faster reactions in cases of renegotiations, prepayments, loan
consolidation, redefinition of conditions, etc. Also within the
scope of the Neos plan, the implementation of the Genesis
project is focused on providing the latest technology for the
teller systems.
This CRM (Customer Relationship Management) type platform,
built on a globally-known application, allows each customer
to be attended homogenously and with the same information,
regardless of whether the customer has approached the Bank
through their account executive, a branch enquiry desk or a
Our Customers
26
telephone banking service. It also enables the standardization
of the internal processes associated with the granting of credits
and the opening of an account or a credit card. The automated
task-assignment process has reduced time, generating
information in real time for the executives, exercising better
supervision and reducing the risks of operating errors.
So a fundamental stage of the Neos pan was completed which
is the most important, from the point of view of our objective
of being truly closer to the customer. We are now a bank more
oriented to asking ourselves what the customer needs in order
to offer it proactively, being able to meet objective, quantified
and controlled targets. We are a more perfectionist organization
in terms of ensuring that all customers' requirements are
attended. We are a service company that has self-imposed
attention standards and creates levels of supervision to see
that they are met. The information collected and held by the
systems, despite handling more than 400 thousand checkingaccount holders and more than 600.000 debtors, provides us
with more and better access to know the needs and potential
of our customers.
Amongst the innovations that have been possible to offer
thanks to this renewed focus include “Cuenta Conmigo”,
an account designed for segments that prefer a low and fixed
monthly cost, privileging self-service through remote channels
and ATMs, principally young people who seldom visit branches
and make little use of physical payment means. This service
incorporates the concepts of self control, permitting
customers to manage their payments, and flexibility,
being able to change the payment plan according to use and
having information available on the internet.
Our Telephonic Assistance Service receives over 250
thousand calls a month, functions 24 hours a day,
seven days a week, and has 200 executives who
combine advanced technology with a human scale
service: we should be able to recognize our customers.
Based on this platform, we could develop the Fast
Response project that coordinated multiple areas of
the Bank in intensive team work to provide the
customer with the solution they need: the immediate
refund of money in cases of erroneous charges,
clarification of statements, un-processed payments,
etc. The service is monitored periodically with
indicators like calls received, solved and lost, plus the
time taken to answer.
The Best Overall Quality of Service
Service Image
Brand
Recognition
35
30
Bank to
change to
25
20
15
Security &
Solvency
10
5
0
1st option for a
new checking
account
Best global
service quality
More agile
& flexible
Banco de Chile
Other Competitors
We feel proud and honored by the
perception that our community has of
the quality of service provided by Banco
de Chile. Our Bank has led, now on various
occasions, in all the attributes of service
image evaluated by the quarterly survey
made of a broad sample of checkingaccount holders in Chile.
Banco de Chile is perceived as the bank
with the best overall quality of service,
the most agile and flexible, that has the
best branches, the best technology, the
most competent executives, the most
friendly and convenient service and the
bank most likely to change to.
Adimark GFK survey, ABC1, C2 checking account holders.
July - September 2006
Banco de Chile includes Banco Edwards brand.
27
Our Community
Our Commitment with the
society is a fundamental part
of our strategy for sustainable
development and implies
essentially managing the
business in a profitable and
efficient manner while, at the
same time, attending to the
interests of our community.
29
Our Commitment with Rehabilitation
For 27 years now, Banco de Chile has built up a history and culture of
supporting the physical and emotional rehabilitation of thousands of
disabled children and young people. This commitment has, without doubt,
a special significance to the extent that it touches all of us, from different
positions, who feel part of the Banco de Chile Corporation. It involves of
course our staff who work for many months in organizing and enabling
the collections, our shareholders who approve and stimulate the project,
our customers who make an important contribution, and our whole
community which, in placing their trust in the Bank and the Teletón
Corporation, ensure the success of the country's most important charity
campaign.
This organized and professional acting is a good example of how in Banco
de Chile we understand our commitment with society. We firmly believe
that with our well inspired and well done work in all the areas in which
we participate, we are enabling our country to grow.
A Silent Effort
Receiving thousands of deposits made during the campaign,
centralizing the information and providing on-line calculations
of the donations is all a challenge. Our commitment is to
face this task with excellence and we therefore have a team
working throughout the year coordinating the areas that
have to be implemented, preparing the attention points and
the calculation delivery systems, and improving the collection
operative processes and systems. Just in the information
technology area, close to 80 people work partially for three
months in order to comply with laboratory systems and
installation preparations and control centers, dedicating a
total of around 7,500 man-hours to this task.
At the same time as the work carried out by the operative
support area, an intensive internal motivational campaign is
carried out during the months leading up to the campaign,
ranging from merchandising in branches to the organization
of numerous events throughout the country ending in a large
gathering involving more than 2,000 staff in 2006.
Our Community
30
During the day of the Teletón, Banco de Chile makes its
attention network available to the country, outside working
hours, for more than 27 uninterrupted hours with 12,000
shifts. In this way, almost 7 thousand people, practically all
the Bank's employees, work voluntarily for close to 30 hours,
often uninterruptedly, throughout the whole of Chile. This
silent and disinterested effort, which has remained unchanged
through the twenty campaigns made to date and reflects
the extraordinary quality of our work team, is a pride to the
whole of our Corporation.
Teletón 2006
• Banco de Chile prepared more than 550 collection points for
Teletón, increasing its normal coverage network from Arica to
Puerto Williams by over 10% compared to the previous year.
• 220 collection points open in the Metropolitan Region and more
than 330 in the regions.
• For the first time, remote parts of country like Easter Island and
Juan Fernández Island were incorporated.
• A network of 1,300 ATMs throughout Chile was added to the
branches and cash agencies.
• The Call Center of Banco de Chile also worked 27 hours receiving
telephonic donations.
• Our technology permitted donations to be made by internet,
electronic transfers and against any credit card.
• The amount collected exceeded the target of Ch$11,403,914,256,
reaching US$ 26 million.
Easter Island Collection Center
Prior Work
• The Bank's web site is modified to allow the collection of
donations through electronic funds transfers from checking accounts
and against credit cards, whether of customers or non-customers.
• Computer applications are developed that allow the organization
of the Bank's staff to cover every one of the shifts during the
event.
• The applications used by the ATMs are modified to allow, during the 27-hour collection period, the receipt of donations
through funds transfers.
• Our Contact Center is redefined to receive both donations with credit cards and donations from telephonic accounts
and answer enquiries from donors, on the days prior to and during the event.
• A management center is organized to know on-line the global amount collected through each of the channels, using
collection projections based on past experience and a predictive model. Everything is connected digitally with the Teletón
Theatre and the National Stadium.
• Banco de Chile, at its cost, prints over 3 million special deposit slips, contracts more than 12,000 meals for the occasion
and acquires thousands of candies and merchandising articles like posters and bracelets.
31
Our Commitment with Rehabilitation
“Let's Make a Miracle”
This was the slogan for the first Teletón held on December 8, 1978. The now famous account number 24.500-03 of Banco de
Chile made its debut, with great success, in attracting Ch$84,361,838, almost two and a half million dollars at that time, greatly
exceeding the target for that year of Ch$33,361,000.
With the nervousness and expectations of all first occasions, the Bank was concerned with every last detail at a time when there
were few technological aids. All the branches were prepared plus some auxiliary cash agencies. Special procedures had to be
defined, all manual, that established the actions to follow for each office and the manner for recording the donations on forms
designed for the purpose. Apart from receiving a large mass of the public while avoiding crowding, computations had to be
provided at certain intervals to the computation center at Banco de Chile's head office. The information was received through
a long-distance calls protocol.
We have ever since contributed to this work which already has 10 disabled children attention centers where 50,000 children
have been rehabilitated. 2,500 new patients are added every year, who receive high-quality specialized attention thanks to the
contribution of the whole community.
Art and Sport for Integration
As part of its constant commitment with rehabilitation,
Banco de Chile also provides support for young people of
the Foundation through various artistic activities like
Advanced Art Workshops which, with enthusiasm and
happiness in living, strengthen their self-esteem. The works
prepared jointly between the disabled child and an artist,
are shown at exhibitions sponsored by the Bank.
In the area of sport, the Banco de Chile NEC Wheelchair Tennis
Tour Cup championship is organized for disabled adults to take
part. This is one of 136 international-level tournaments for
wheel-chair participants and enables the accumulation of points
for the global ranking.
The Bank has also maintained its support for the disabled tennis
player Robinson Méndez, who has been in top place in Chile
and Ibero America and is rated 16th in the world.
There are also other artistic projects like the production of
theatrical works, musical performances, murals and
exhibitions whose principals are child members of Teletón,
from Arica to Puerto Montt.
Latin American Teletons
Banco de Chile gave its support in 2006 for organizing the Sixth International Congress of Teletons (Oritel), which groups
together the institutions of Chile, Brazil, Mexico, Colombia, Nicaragua, Peru, Paraguay and El Salvador, among other Latin
American countries. More than a thousand representatives shared information about experiences in health and integral
rehabilitation matters that will provide a better quality of life for disabled people.
Our Community
32
A different contribution
Claudia Bustamante Novoa, services coordinator of Banco CrediChile, represents those
who helped in this campaign for the first time.
“My participation had always been through a monetary contribution and I always had the
feeling, regardless of the amount I donated, that something was missing. As I was working for
Banco Edwards when the merger with Banco de Chile occurred, I could at last have the opportunity
to take a more active participation and I had no doubts about signing up. In this Teletón, I was
six months pregnant with my daughter Josefina. She and my oldest son, Bruno, were my greatest
motivation. I worked as a teller at the Banco de Chile office in Irarrázaval and the atmosphere
was incredible, both among my Bank companions and the public that came to give their support.
Participating generates comradeship, affection, gratitude and a spirit of solidarity. Also there
are in our institution examples of staff who for some reason have been helped by Teletón at
some time. I think that participating actively in these campaigns makes us better people, the heart grows larger, our
view of life changes and makes it a better world to live in. I will tell my companions that if they have the opportunity
next year to take part, they should not refuse it”.
Claudia Bustamante
From the Bottom of the Heart
One of the employees who has been closely involved in the changes in the Teletón
since the beginning is Roberto Navarrete Moreno, who joined the Bank in 1978 and
has taken part in every one of the campaigns. He is today Head of Senior Operations
in the Attention Channels Area.
““For the first Teletón, the atmosphere prior to the opening was of uncertainty. Someone
announced that we, the Bank, would once again make history and remain in the eyes of every
Chilean. During the first campaigns, I remember that it was more common to receive objects.
There was a painter, a customer of the Bank, who gave a painting to be auctioned, in addition
to jewels that were received. Even today, it is common to see couples making a deposit in the
Bank following their wedding. But what I most remember, and which is repeated every year,
is the poorer people who donate unselfishly within their possibilities and sometimes in excess,
believing in us as people, as the Bank and in the work of the Teletón. Taking part, seeing the number of children who
are attended at the centers and seeing how much progress has been made, causes a feeling that it is difficult to describe.
In all these years, despite the hard work, I have never heard of anyone who did not want to take part. I believe that
these activities show the more human side within our company. We always have a lot to learn from taking part in this
initiative”.
Roberto Navarrete
33
Education, the Tool Against Poverty
We believe that education is the best tool for lifting up
the most needy sectors of our society. We also believe
that children cannot wait and that every day is an
opportunity lost or won. Our organization has committed
itself to help them win, in knowledge, in values, in
integration, in happiness, by granting its support to the
School San José de Lampa, which forms part of the
“Educating Together” program run by the Fundación
Astoreca.
This commitment of Banco de Chile included a large part
of financing for the building of the school in 2005 and
continues with support for the administration and
carrying out of initiatives that promote the development
of children and their families, such as cultural, sports
and recreational activities.
School San José de Lampa
Opened early in 2005, located in the town
of Lampa, having a population with a
poverty level of over 70%, caters for over
320 children at infants and junior levels,
who have few possibilities of access to
education. The program provides the
formation of excellence through models
that the Foundation replicates in other
institutions:
•The Internet portal “Educating Together” receives around 32,000 visits a month and makes
available to the community practical elements of already-proven educational experiences.
The portal www.educandojuntos.cl has a specially-dedicated team for the investigation,
systematization and development of its content, advised by a consultative council comprising
a member of each member institution.
• Construction of schools in poor areas (School San Joaquín de Renca and School San José
de Lampa).
• Training program for a hundred teachers who educate 40 pupils per class, in order to reach
4,000 children.
Our Community
34
Multi-purpose fields
In mid 2006, Banco de Chile inaugurated the multi-purpose sports fields where more than
320 children can play sports like football, volleyball and basketball at their own installations
thanks to the long-term commitment we acquired with this project having a strong social
impact. The new sports facilities are of great importance as they meet the needs for the
integral development of these children and tackle one of the most urgent tasks currently
facing our country.
Activities 2006
• Implementation and equipping of sports fields at School San José de Lampa (el recuadro
de las multicanchas deberìa estar ligado a este punto)
• Invitation to the 350 pupils of school San Josè to see the infants theatre play “El Libro
de la Selva”.
• Sponsorship of the Tecno Fast Atco golf tournament and other activities for raising funds
for the school San Josè.
• Sponsorship and organization of the cultural week of school San José de Lampa.
• Presentation of meaningful Easter and Christmas activities for all the children of school
San José de Lampa.
Other Educational Activities
PSU Scholarship: Banco de Chile has awarded for 14 years now its PSU (university entrance examination) Scholarship for
the best national weighted marks (in mathematics and language) in order to reward academic effort and excellence among
Chile's young people. This initiative falls within the policy of promoting education of excellence. From the school graduates
of 2006, Francisco Javier López Quezada, a pupil of the school Concepción de Parral, won this prize which will enable him
to finance the whole of his university degree course.
Reconstruction Task: Banco de Chile supported the construction of the Arturo Prat nursery-school and kindergarten which
was destroyed during the earthquake that affected the city of Iquique in June 2005. The works implied an investment that
was almost 50% financed by the Bank, the balance being collected through the opening of a checking account with Banco
de Chile. This has enabled over 70 children, including 40 babies and 32 infants of the O´Higgins community to begin their
schooling experience in a first-class infrastructure.
Student Exchange with China: In November 2006, a cooperation agreement
was signed between Banco de Chile, the Vice Chairman of the Board,
Andrónico Luksic Craig, the Business School of the Pontificia Universidad
Católica and Tsinghua University School of Economics and Management, to
start student exchanges between these institutions.
The agreement, signed in Beijing, will offer the opportunity for 20 students
and MBA professors of the School of Economics and Management of Tsinghua
University to take part in the “Doing Business in Chile” program, which
contemplates a stay of 10 days in Chile and will combine master classes with
on-site visits. Likewise, 20 students and MBA professors of the Business School of the Pontificia Universidad Católica de Chile
can take part in an equivalent program in China. The agreement will last for three years.
35
Support for Excellence at Sport
In order to promote the development of Olympic sports in
Chile, Banco de Chile signed a financial support agreement
with the Chilean Olympic Sportspersons Association (ADO).
The objective of the project is to strengthen the different
disciplines, support the programs of the federations and
finance international competitions of sports men and women,
stimulating numerous national talents that lack the necessary
support to dedicate themselves to the sport professionally.
This permits Chilean sports men and women to develop their
abilities to the maximum in order to compete at the highest
international level and gain the motivation necessary for
obtaining results of excellence
Hogar de Cristo
Banco de Chile has had the opportunity to support this social assistance institution in many ways over time. This
collaboration today reaches our internal and external customers:
• “Give your Change” campaign. The players in this campaign are the branch tellers who collect donations from
customers in small amounts in making payment transactions.
• Automatic payment campaign. The account executives include in their range of products the programmed payments
of donations automatically charged to checking accounts or credit cards, without cost to the customer or the charity.
• Campaign 1 + 1. Bank staff participate voluntarily by promising a monthly donation deducted from their salaries which
generate an equivalent contribution by the Bank.
(*) Hogar de Cristo (A Home for Jesus Christ) is a not for profit organization aimed at providing shelter for the poorest among
the poor).
Our Community
36
Transparency with Third Parties
Banco de Chile gives great importance to relations with
its suppliers, which are clearly regulated by the internal
Ethics Code that states that this commercial relationship
should be strictly independent and impartial.
Our policy is oriented to the strict compliance with
signed contracts and to work consistently to perfect
relations with our suppliers.
We ensure transparency in the purchasing processes of
products and services, on the basis of tenders or
quotations, as appropriate, for which an electronic
portal was created called ARTIKOS that guarantees a
high transparency in the process.
Responsibility with the Environment
Thanks to the success of its electricity saving project, Banco
de Chile received first place in the National Energy Efficiency
Prize 2006. This recognition is granted by the Confederation
of Production and Commerce (CPC) and the Ministry of
the Economy to companies that make a significant
contribution to the good use of energy.
Conscious of the impact that our surroundings have on
people's quality of life, Banco de Chile has begun a series of
initiatives for contributing with an efficient management of
energy and generating environmental responsibility practices
that contribute to protecting our habitat and reconcile
economic growth with care for the environment.
from the communications center and installation of sensors
for light switches for people using closed premises. All these
measures have been applied in new branches of Banco de
Chile, Banco Edwards and CrediChile.
Our action in this area has not only brought recognition for
energy efficiency but permits us a considerable energy saving,
of 12% in 2006. Banco de Chile has introduced a series of
energy efficiency actions since 2005, like the migration of all
junctions to hourly tariffs, the incorporation of automated
control of maximum peak hour demand, and the incorporation
of innovative technologies that permit optimizing the use of
artificial lighting, like the installation of remote light switches
Energy savings programs have also been introduced
progressively relating to air conditioning and the recycling of
materials, including differentiated waste and paper and ink
container recycling. Oil has also been replaced by natural gas
in boilers and new soundproofed electric generating equipment
has been acquired. The principal cleaning products used by
our offices and branches are biodegradable, and paints soluble
in water are used whenever possible.
37
Art and National Heritage
Banco de Chile has for many years supported culture
and art as a way of contributing to the preservation
of our heritage. Sponsorship of painters, of state
policies in this respect and of institutions dedicated
to supporting art and culture in Chile have been the
response to this concern.
A good example is the permanent exhibition of Metro
Arte “ChileHoy” by the well-known Chilean artist
Guillermo Muñoz Vera. The work comprises 1,800
m2 of painting in 16 large-format works, which
provide a particular vision of Chile through a journey
through the sceneries of the north, center and south
of Chile. This exhibition provides the bringing of art
Our Community
38
to all sectors of the population, installing a permanent
example of a recognized painter in a Metro station
where it can be appreciated daily.
The buildings of our head office in Santiago and that
of our Valparaiso branch are rich examples of the
historic commitment of the Bank with the conservation
of these good architectural works. The head office at
Ahumada Street 251 dates back to 1926 and is the
work of the Viennese architect Alberto Sieguel Lubbe.
In the Banco de Chile building in Valparaiso is a
museum that forms part of the heritage of that port
and where pieces of great historical value are kept.
History through Coins
Approximately 70 years ago, Banco de Chile began a valuable collection of
representative coins that includes unique pieces of historical value. The collection
is a sum of efforts over time to preserve Chile's historic assets.
First coin made in Chile,
of half ounce gold,
1749.
The collection includes the first coin made in Chile, of four and a half ounce gold
escudos dated 1749. While Santiago has had a mint since 1743, the first issues
were made six years later. There is also the splendid collection of colonial coins,
particularly the so-called “macuquinas” in gold and silver, and the silver reales
minted under the reign of Fernando VII.
Eight silver reales, coined
under the reign of
Fernando VII.
Chilean coin dated 1884,
resealed in Guatemala.
Silver coin of 1817 with signs
of the independence.
“Macuquina” in gold,
from the colonial time.
39
Legal Name: Banco de Chile
RUT 97.004.000-5
Head Office
Ahumada 251, Santiago, Chile
Phone (56-2) 653 1111 - Fax (56-2) 653 3434
www.bancochile.cl
Telex 240479 BCHIL CL
Swift BCHICLRM
Nueva York Branch
535 Madison Avenue, 9th floor
Nueva York, N.Y. 10022, U.S.A.
Phone (1-212) 758 0909 - Fax (1-212) 705 4450
cussrvny@bancochileus.com
www.bancochileus.com
Miami Branch
200 South Biscayne Boulevard, 27th floor,
Miami, Florida 33131 - 5307, U.S.A.
Phone (1-305) 373 0041 - Fax (1-305) 379 6464
miami@bancochileus.com
www.bancochileus.com
Buenos Aires Representative Office
Reconquista 656, 2th floor-A,
Buenos Aires 1003, Argentina
Phone (54-11) 4314 6366 - (54-11) 4314 6299
baires@bancochile.com.ar
Mexico F.D. Representative Office
Andrés Bello 10, 16th floor, of. B
Colonia Lomas de Chapultepec 11560, Mexico F.D.
Phone (52-55) 5281 5662 - (52-55) 5281 5644
bancochile@prodigy.net.mx
Sao Paulo Representative Office
Av. Paulista 1912, 9th floor,
c.j. 91, Cerqueira Cesar, CEP 01310 -200
Sao Paulo, Brazil
Phone (55-11) 3253 6968 - Fax (55-11) 3253 2050
Banchile Trade Services Limited Hong Kong
Standard Chartered Tower, 7th floor
Level 28, Three Pacific Place,
1 Queen´s Road East, Hong Kong
Phone (85-2) 2282 6710 - (85-2) 2282 6707
Fax (85-2) 2375 3372
Beijing Representative Office
606 West Tower, Twin Tower, B-12 Jianguomenwai Avenue,
Chaoyang District, Beijing
Phone (86-10) 5879 4301 – (86-10) 5879 4302
Fax (86-10) 5109 6040
We Help the Conservation of the Environment
This publication has been printed on paper
made 100% from recycled fiber, certified
by Smartwood under the FSC standard.
At every stage in the preparation of this
paper, the environmental impact factor
has been taken into account. In its
manufacture -which requires heavy energy
consumption- traditional electricity methods
have been replaced by electricity generated
by wind turbines. The process has been
certified by Green-E, an organization that
guarantees production with the use of
top-quality renewable energy.
The white and pure appearance of the
paper has been obtained through a
bleaching process that is completely free
of chlorine.
We invite our suppliers, customers and the
public in general to prefer chlorine-free
paper, not utilising fibers from tree species
of high conservation value or from longstanding forests, the use of re-usable
containers and the minimum loss of
packaging material. We shall thus help to
conserve our country, rich in forestry
resources, as well as our planet, supporting
the development of sustainable businesses.