CaixaBank opens in Chile its first representative office in Latin America

Part of its international growth strategy

• During the inauguration, Juan María Nin, CEO of CaixaBank, emphasised the importance of having a presence in this "rapidly growing" region, as well as the bank's commitment to supporting its customers and promoting trade between Spain and Chile.
• CaixaBank, the largest bank in the Spanish market, will help to stimulate trade between Spain and Chile, while improving channels of communication between Spanish businesses and local institutions.
• Around 1,500 Spanish companies currently operate in Chile, which was the fastest growing OECD member state in 2012.

CaixaBank, the largest bank in the Spanish market by market share and one of the ten biggest in the Euro area by stock market capitalisation, has opened a representative office in Santiago de Chile, its first in Latin America, from where it will be providing services to 4 countries (Chile, Peru, Uruguay and Argentina).

The inauguration in Santiago de Chile was presided over by Juan María Nin, CEO of CaixaBank, who pointed to the real opportunities that a direct presence in Latin America offers at a time of rapid economic and social growth in the region, as well as the potential for future agreements between Spain and other countries in the area.

Juan María Nin spoke of the importance of the new representative office in Chile, from which the bank will "promote trade between the two countries and provide financial support to Spanish companies working in the Chilean market, as well as to Latin American companies with links in the Spanish market". To ensure that this happens, CaixaBank's office has strong relations with major players in the sectors of most interest to Spanish firms in Chile, including infrastructure, energy, finance, tourism and property.

The CaixaBank CEO highlighted "the high value-added service that CaixaBank can provide to exporters and importers alike, thanks to its close contacts with all banks in the region and the perception of CaixaBank as a leading, solvent and reliable bank".

An extensive network with local agents

The representative office in Chile will be managed by the highly experienced Raúl Carmona. The office will work closely alongside its customers, both as they establish an initial position in the region and during development and consolidation, while helping to secure any guarantee that are required to implement work or enter into supply and service provision contracts.

The office in Santiago de Chile will be supported by an extensive network of correspondent banks, as well as firm relations with local companies. It will also be an active member of major forums and points of contact for Spanish businesses in the Chilean markets, such as the Chamber of Commerce, ICEX, institutes promoting trade with Spain's autonomous communities and local trade institutes. It is also in permanent contact with specialist consultants and advisors to provide full support to Spanish companies as they establish a position in the region and develop.

Strong trade relations with local banks means CaixaBank's representative office can channel trade between Latin American countries and Spain. A local presence and direct contacts with local banks are particularly vital at the present time and are evidence of CaixaBank's excellent solvency, thus ensuring that its customers benefit from the best financial terms for their local operations. 

Chile: A country in growth and with eyes on Spain

Chile has registered powerful growth in recent years, while the number of Spanish companies in the country has also increased. It is thought that around 1,500 Spanish firms are currently present in Chile. Meanwhile, Chilean companies are some of the biggest investors in foreign markets, and their interest in Spain is growing.

In 2012 trade between Spain and Chile generated imports worth 1,236 billion euro and exports worth a total of 1,071 billion euro. In the first half of 2013 there were imports worth 882 million euro and exports worth 616 million.

In its quarterly outlook report, the Organisation for Economic Cooperation and Development (OECD) found that in 2012 Chile was the fastest growing country among its 34 member states, with GDP expanding 5.2%. Forecasts again place Chile as the fastest growing economy in 2013, with GDP growth of 4.6%, and again in 2014 driven by an anticipated recovery, with GDP expected to grow 5.4%.

Solid international strategy

The opening of the Santiago de Chile representative office is the latest move in CaixaBank's international growth strategy, following the inauguration of representative offices in London (United Kingdom), Paris (France), Milan (Italy), Stuttgart and Frankfurt (Germany), Istanbul (Turkey), Beijing and Shanghai (China), Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt) and Singapore. The bank also operates its own branches in Warsaw (Poland) and Casablanca (Morocco), countries where the entity was the first Spanish bank to open an office. Likewise, CaixaBank holds bilateral agreements with more than 2,500 international banks to promote international commerce and trade between companies and individuals all over the world.

CaixaBank also has stockholdings in partner banks in a number of countries, with which it works to provide mutual support for businesses and customers. The bank has a 9% stake in the Mexican bank GFInbursa, 46.2% of Banco BPI in Portugal, 16.4% of The Bank of East Asia based in Hong Kong, 9.9% of the Austrian entity Erste Bank and 20.7% of Boursorama in France.

Corporate information

CaixaBank is an integrated financial group that operates in banking and insurance and holds investments in international banks. It is the leading retail bank in Spain, where it has more than 100 years of history as a financial operator. The bank places strong emphasis on growth, both domestic and abroad, shaped by its long experience investing in the banking sector and its hallmark prudence.

CaixaBank and its majority shareholder, the "la Caixa" Group, share a firm commitment to people and the environment, based on a desire to create value for shareholders and to make a real contribution to society in general. To this end, Caja de Ahorros y Pensiones de Barcelona, via "la Caixa" Foundation, finances social, educational, cultural and scientific programs with an annual budget of 500 million euro. This makes it the second largest European foundation and the fifth largest in the world. It is also involved in international cooperation projects in more than 30 countries worldwide. The Foundation also runs international development projects in more than 30 countries.

The bank, overseen by Chairman Isidro Fainé and CEO Juan María Nin, has consolidated its leading position in retail banking thanks to its strong commercial operations, risk-appropriate management, foresight and consistent innovation.

CaixaBank has been distinguished with the award for ‘Best Retail Bank for Technology Innovation' and was named ‘Best Bank in Spain' in 2012 and 2013 by the financial magazine Euromoney, in recognition of the bank's financial solvency and rapid growth in recent years, all achieved while remaining true to its founding corporate values.