BancoEstado s social role and expanding banking services

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1 BancoEstado s social role and expanding banking services The story of a successful state owned bank In Pica, a small town in Chile s northernmost first region, the only way that 10,332 people can access banking services is trough BancoEstado s CajaVecina, in the Naranja grocery store.

2 Our ongoing modernization process will make us a world-class state owned bank, which favors social integration by providing banking services to those currently deprived of them.

3 BancoEstado s social role and expanding banking services The story of a successful state owned bank BancoEstado trace its origin to the creation of the Caja de Crédito Hipotecario (a mortgage institution) in 1855, the first effort to provide banking services to Chilean people. The merger of this organization with the Caja Nacional de Ahorros (a savings bank with branches in Concepción, Chillán, Iquique, Punta Arenas and Santiago), the Caja de Crédito Agrario (a farm-oriented bank) and the Instituto de Crédito Industrial (a manufacturing-oriented bank), through Decree with the Power of Law (Decreto con Fuerza de Ley Nº 126, 24 July 1953), created the Banco del Estado de Chile, known today as BancoEstado. On 1 September 1953 it began operations as an autonomous state-owned company, with its own legal status and equity. During its first 20 years, BancoEstado consolidated as Chile s largest bank, successfully adapting to the different ideological and economic groups that governed the country during this period, expanding into the sectors that each government considered to be of high priority. The third phase, currently underway, started in 2000 with a change in the bank s corporate image, to make all Chileans aware of the enormous modernization undertaken, and continued in 2001 with a strategic alliance between management and employees, based on the values of dignity, honesty, respect and trust. This agreement and a commercial strategy focusing on low-income sectors have turned BancoEstado into a competitive, relevant player in the domestic financial system. In 2005, BancoEstado celebrated a century of service to the country, as a modern, efficient company with state-of-the-art technology and first-class service. A leader in delivering massive financial services to low-income sectors and those living in isolated parts of the country, it has become an effective instrument for expanding banking services to those who traditionally have been excluded from them, thereby contributing to improving people s quality of life and the country s development. From 1973 to 1989, during the military government, the bank saw its management, productivity, risk, non-performing debt portfolio and other indicators deteriorate, and it fell behind in terms of both technology and efficiency. The bank has a navigation chart for the coming years, its Strategic Plan The main objectives through 2010 are to increase the bank s customers from eight to ten million, boost microbusiness customers to 300,000, and increase total services by 50%. In the climate of economic and social progress that has prevailed since Chile recovered democratic governance in 1990, BancoEstado has undergone profound transformations that have allowed it to recover from the structural crisis and go on to become a world-class, publicly owned financial institution servicing all Chileans and particularly people on low incomes. BancoEstado belongs to every Chilean. Faithful to the spirit in which it was created, it supports enterprise and fosters savings among individuals. The bank decided it had to put itself on the same level as private banks, offering competitive services and products, with quality attention, so the bank s new authorities gave top priority to modernization to upgrade its commercial and social functions. This has been implemented in three phases. The first ( ) involved an emergency stabilization plan, while the second saw the application of a Strategic Plan ( ) for modernizing operations and technology and thereby change the management model. Bills issued by private banks at the end of the 19th century. 10

4 Signage used by the Caja Nacional de Ahorros in the 1920 s. Banco del Estado advertisement, Mobile teller, Banco del Estado (Metropolitan Santiago, 1950 s ). BANCOESTADO Summary Annual Report

5 BancoEstado s social role and expanding banking services Landmarks in BancoEstado s history Caja Nacional de Ahorros, Puerto Natales, President Ibáñez founds Banco del Estado, Banco del Estado, Antofagasta branch, Monitoring room for the bank s first Caja Nacional de Ahorros, Santiago. Inside head offices. computer, 1970 s / 1989 Caja de Crédito Hipotecario Caja Nacional de Ahorros Instituto de Crédito Industrial Privatization policy, capital fell by 41% 1877 Caja de Ahorros de Santiago 1926 Caja de Crédito Agrario 1953 Foundation of Banco del Estado de Chile was founded 12

6 Changing image, BancoEstado, Vitacura branch BancoEstado head office. New BancoEstado logo, Inside BancoEstado s offices, Rancagua. Employee-management strategic alliance / 2000 Strategic Plan 2001 Employee-Management strategic alliance 2006 / 2010 Strategic Plan 1990 /1995 Modernizing Project 2001 Change in corporate image 2005 Completes 150 years serving Chile BANCOESTADO Summary Annual Report

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