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Banking Association

The Chilean Association of Banks and Financial Institutions was founded October 4th, 1945. It includes Chilean banks and financial institutions as well as foreign financial firms that have offices in Chile. As of April 2004 the Association had 36 members: 24 local banks and 12 foreign banks offices representatives.

The Board of Directors has eight members: Jorge Awad (Banco de Chile) Chairman; Luis Enrique Yarur (Banco de Crédito Inversiones) First Vice-Chairman; Mauricio Larraín (Banco Santander Chile) Second Vice-Chairman. Board members are: José Said (BBVA), José  Andrés Saieh (CorpBanca), Boris Buvinic (Banco Itaú Chile); Francisco Sardón de Taboada (Scotiabank Sud Americano), Renato Peñafiel (Banco Security), and Bernardo Matte Larrain (Banco BICE). Mr. Ricardo Matte is the Chief Executive Officer.

As stated in its by-laws, the main objectives of this Association are:
Promote and strengthen relations among the associates.
Maintain relations with similar institutions in other countries and local business community.
Study and recommend procedures designed to improve the banking industry's performance as financial intermediates.
Study and propose economic measures that allow the banking industry to contribute to the country's development.
Establish, operate and maintain services of mutual interest to the members.
Represent members in governmental offices and agencies.
Sponsor measures that permit affiliates to contribute more efficiently to national prosperity.

The Association maintains a staff of dedicated professional employees and support personnel to accomplish these objectives. Member firms also permit their professional staff to form and work actively on the Association's technical committees.

The existing committees are:

General Manager's Committee
Legal Affairs Committee
Financial Committee
Bancarization Committee
Planning and Management Committee
Basel Committee
Tax Affairs Committee
Accountancy Norms Committee
Anti-Money Laundering Committee
Operations and Technology Committee
Comptrollership Committee
Sub-committee for Computational Audit
Information's Security Committee
Foreign Trade Committee
Human Resources Committee
Sub-committe for Empowerment
Financial Risk Committee
Credit Risk Committee
Security Committee
Housing Committee
Small and Medium Company Committee
Microenterprise Committee
OTC Committee
Foreign Banks Representatives Committee
The SWIFT User Group

The Association is a member of the Production and Commerce Confederation. In the international area, it is affiliated with Latin American Banking Federation (Federación Latinoamericana de Bancos, FELABAN) and the Chilean Chapter of the International Chamber of Commerce.

The activities developed by this organization include research studies, projects, detection of problems common to all members, problem solving and permanent analysis of regulations. The Association also manages a computerised information exchange system through its subsidiary SINACOFI, Inc. The management of the National Banking Clearing Chamber (Cámara de Compensación Bancaria Nacional) is one of the most outstanding activities of this Association.

In 1996 the Association began to participate in training programs for the financial banking system through the Banking Corporation for Training and Promotion (OTIC).

The Association is an important channel of information and communication among the entities that participate in the Chilean financial system, and represents banks and financial institutions before governmental ministries, departments and agencies.