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News 2014

Minister of Finance referred to the fact that BancoEstado had met its targets for 2014 and announced a capitalization transfer (Friday 12th of December 2014)

Subgerencia de Comunicaciones

, Dec 19, 2014. 03:00

“We have fulfilled our targets, we will continue with our work, we are active in the mortgage loans and in loans for small and medium companies”, said the Minister after a meeting with Rodrigo Valdés, Chairman of the Bank, and with Jessica López, the General Manager of the banking institution,

"Clearly, what we are doing through BancoEstado is to be with the citizens, supportingsmall and medium companies with their investment projects, and to be with so many Chileans and their families by means of our mortgage loans,” emphasized Alberto Arenas, Chile’s Finance Minister, who pointed out that the Bank had reached the goals set in May for this State financial institution.

After a meeting with the Chairman and the General Manager of BancoEstado, Rodrigo Valdés and Jessica López, the head of the country’s economic team said that when President Michelle Bachelet had announced the Bank’s capitalization project to Congress last May, targets were set to ensure “the fluidity of credit in two specific areas.”

This marked the establishment of the commitment that BancoEstado would place US$ 1,500 million for loans to small and medium companies, with US$ 350 million allocated for this year. Similarly, in the area of mortgage loans, a total of placement allocation of US$ 2,000 million was established, US$ 1,000 million of which were assigned for 2014.

After receiving the report of the Chairman of BancoEstado, Arenas said that “these targets were totally fulfilled by November 30, 2014. As regards credits for small and medium companies, more than US$ 400 million were placed, which amply fulfills the May 2014 target.  Regarding mortgage loans the target was US$ 1,000 million, and more than US$ 1,300 million have been placed”

In this respect, Rodrigo Valdés Chairman of BancoEstado, pointed out that “commercial loans to small companies have increased by MMUS$ 439, surpassing the target set for this year. The number of clients from these segments (micro and small companies) that received this type of financing grew by 10,840, which also exceeds the objective for 2014.”

He added that from the end of March 2014, MMUS$ 483 have been awarded in mortgage loans, in comparison with the same period the previous year. These loans are equivalent to 57% more than those issued in the same period in 2013.

Transfers

The Finance Minister added that after the approval of the capitalization project for US$ 500 million – US$ 450 million for BancoEstado and US$ 50million for Fogape (Guarantee Fund for Small Entrepreneurs), US$ 300 million of the US$ 500 million was injected (US$ 250 million of which will go to capitalize the Bank and US$ 50 million to Fogape.

Finally, Valdés said that “we are extremely proud to have fulfilled the objectives set for this year. The capitalization resources represent a renewed impulse for further growth, extending the country’s development opportunities with our distinctive seal.”