ECLAC praises the Chilean state-owned bank BancoEstado for increasing Loans during the Crisis

BancoEstado Newsroom • http://www.en.corporativo.bancoestado.cl • May 1, 2010

Santiago – 01/05/2010

BancoEstado was the state-owned bank that gave more loans during the peak of the global financial crisis in the region, according to reports by the Economic Commission for Latin America and the Caribbean.

As stated by El Mercurio newspaper on January 13, BancoEstado was the state-owned entity that gave more loans during the height of the crisis.
In fact, it was at that point that the state-owned bank recorded more progress over the institutions in the region.

Based on the figures reported by the Economic Commission for Latin America and the Caribbean (ECLAC), the Chilean state-owned bank increased its loans by 20%, between December 2008 and September 2009, highest figure recorded compared to countries such as Colombia and Brazil, which also underwent significant increases during the period, 18.6% and 17.1%, respectively.

This important progress for BancoEstado is due to several reasons, such as its proactive and anti-cyclical credit policy during the year, which set out important interest rate cuts for all its products, in order to help reactivate the Chilean economy.

During 2009, loans at the state-owned bank increased by 21.7%, equivalent to MMUS$ 3,000,000, while the rest of the banks in the region recorded cuts in this area. Therefore, the state-owned bank increased its market share by 3 points.

Read the article here.

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