Download - 201910 - BI - Corporte Presentation IMF v1
Corporate PresentationOctober 2019
Chile: Economic overview
Monetary Policy Rate% EoP
Inflation% YoY
Unemployment% EoP
GDP Growth% real YoY
4.0%
6.1%
2.3%
5.8%
1.3%
’14
5.3%
’20P’19P’15’10
1.8%
’13 ’18’16’11
2.5%
’17
3.0%
’12
1.7%
4.0%
2.6%2.7%3.1%
3.8%
4.9%4.7%
1.4%
’19P18’10 ’17’15
2.0%
’20P’14’13’12’11
3.5%
’16
1.8%
5.0%
2.7%2.7%
4.6%
1.5%
4.4%
3.0%
’19P18
2.4%
’13 ’16’15’14’12 ’20P’11 ’17
2.3%3.0%
’10
2.8%
4.4%6.4%6.6%7.1%
6.5%
’20P
6.6%
’17
6.1%
’16
5.7%
’15’11 ’14 ’18
6.0%
’12
6.5%5.8%
’19P
6.1%
’13’10
Source: Central Bank of Chile, IMF
• Macro outlook for Chile for 2019F+ is positive: 2.5-3.0% growth, stable unemployment and low inflation
• Historically, Chile exhibits high macro resilience given sound Institutions (e.g., independent Central Bank) and prudent fiscal policies
• Chile historically outperforms Latam peers
Latam Average
Latam Average Latam Average
2
Chile: Economic overview
GDP per CapitaPPP, ‘000 US$, 2018
16.6
20.6
20.7
44.3
Bolivia
53.2
Colombia
ASEAN-5
Brazil
23.5
Peru
Venezuela
Latam
Mexico
25.3
Argentina
MENA
7.9
Paraguay
16.1
14.4
11.0
Uruguay
EU
15.0
19.3
Chile
13.6
20.0
G7
Source: IMF
21%
13%
11%11%
6%
6%
6%
4%4%
3%Cayman Islands
UK
Spain
Virgin Islands
Bermuda
CanadaBrazil
Japan
Netherlands
USA
FDI Stocks%, 2018
Government Debt & Trade Balance% GDP
9% 11% 12% 13% 15% 17% 21% 24%
0% -1% 1% 0% 1% 2%
48% 48% 48% 49% 51% 54% 58% 61%
201520142013 2017
6%
2011 2012
3%
20162010
Latam Trade BalanceLatam DebtTrade BalanceDebt
3
Chile: Economic overview
Export Diversification% GDP, 2018
Source: IMF
Import Diversification% GDP, 2018
4
2.0
NLD
2.02.22.73.04.99.1
27.0
1.9
India
15.0
China Brazil PeruCanadaSouth Korea
2.15.8
SpainJapan Mexico GermanyUnited States
Fruit
0.7%1.6%
Paper
0.7%
Wood
1.0%
Wine Copper
1.5%
Sea Food
11.6%
By Product
By Country
By Product
By Country
1.4%
Utility vehicles
1.3%
Medicaments
0.3%
PetroleumCars
0.3%
2.9%
Meat
0.5%
Grains
4.48.5
3.4 2.4
Brazil Italy
18.0
Mexico Spain
2.1
South Korea
4.2 1.9
United States
France Ecuador
2.12.9
GermanyArgentinaChina
3.4
25.0
Japan
Commercial Trade BalanceUS$ Bn
2017201420122011200920072006 201620052002 20042001 2008200019991998 200319971995 201520172012 20131995 20142011 201620132010200820071996 200920031997 20022001 201520061999 2005 20102004 19961998 2000
ImportExport
Assets / GDP%, 2018
Chile: Banking industry overview
Loan Growth% EoP
Risk Weighted Asset Density%, 2016
Source: IMF, SBIF
Loan Elasticity / GDP%
20192012 20142013 20162010 2011 2015 2017 2018
1.3
2.5
0.2
1.6
1.0
2.7
0.50.7
2.01.6
0.40.8
1.00.8
1.7
0.3
1.0
2.2
3.4
16 1944 47 53 53 60 64 66
76 80 80 82 88 94 9710
911
211
213
313
3 142 14
8 156
New
Ze
alan
d
Aust
ralia
Swed
enN
ethe
rland
s
Japa
nFr
ance
Ger
man
y
Finl
and
Aust
ria
Nor
way
Uni
ted
King
dom
Irel
and
Sout
h Af
rica
Chin
a
Mex
ico
Colo
mbi
aU
nite
d St
ates
Chi
le
Braz
il
Kore
a
Isra
el
Cana
da
Indi
a
Arge
ntin
a
Latam Mortgage Loan Penetration% of GDP, 2016
26
9
6 64
1
MexicoBazil Peru ArgentinaColombiaChile
19%
15%13%
8%
12%9%
2018
2%
201620152012
6%
2011
3%
20142010
7%
2013 20192017
Assets US$ 371 billion (1.2x)
Loans US$ 261 billion (0.9x)
Liabilities US$ 342 billion (1.1x)
Equity US$ 30 billion (0.1x)
Balance Sheet StructureAugust 2019, xGDP
78 78
66 65
50
32
BazilMexico EuropePeruChile USA
WholesaleTotal
5
New Banking Law: from Basel I to III/IV
CET1 at 8.5% by 2024 and introducing systemic, counter-cyclical & Pillar II buffers
Standardized Approach and Internal Models are considered in the New Law
New Banking Law phase-in
July 2019
Status of new regulation to be set through December 2020:
Proposed:
• Systemic risk, presented August 2019
Pending:
• Standardized Credit Risk• Internal Models (IRB)• Market Risk• Operational Risk• Pillar II• Additional Tier I Capital• Counter-cyclical buffer• Capital deductions
Chile: New Banking Law – From Basel I to III/IV
6
CE
T1 +
A
T1
CE
T1 +
Ti
er I
I
Ris
k W
eigh
ted
Ass
et
(exp
ecte
d)
'18 4.5% 8.0% Credit
'19 - '20 4.5% 8.0% Credit
'21 6.6% 8.6% Credit
'22 7.3% 9.3%+Market+
Operational
'23 7.9% 9.9%+Market+
Operational
'24 8.5% 10.5%+Market+
Operational
I• Iquique
IV• La Serena
RM• 8 Branches
V• Viña del Mar
VI• Rancagua
VII• Talca
VIII• Concepción
IX• Temuco
Source: Banco Internacional. SBIF; Banco Internacional analysis(1) In April 2019, ILC increase its ownership up to 67%(2) LTM(3) Total Loans + Contingent(4) Commercial Loans, August ’19(5) Press Release, Feller Rate, October ’19(6) Press Release, ICR, October‘19
BranchesOwnership Structure(1) Selected Indicators
Banco Internacional at a glanceSeptember 2019
67,2%
32,5%
BI Holdco
Otros0,3%
ILC Holdco II• Antofagasta
Market Share(4)
2.0% Total Loans(3)
US$ 2.859 MM
Net Income(2)
US$ 34.1 MMTotal Assets
US$ 4.603 MM
# Branches16
Rating AA- AA-(neutral) (neutral)
(5) (6)
Shareholder’s EquityUS$ 241 MM
ROAE (2)
16,9%
Employees544
7
Recognitions
8
2019
2018
Highlights since 2016
9
• IT architecture, legacies and core systems were successfully migrated in 11 months in 2017• Corporate offices were relocated to state-of-the-art facilities, improving efficiency
IT Transformation & New Corporate Headquarters
• Consolidated New management team with a proven track-record• Completed organizational transformation that implied restructuring 75% of upper and mid-
management
Consolidation of New Management Team
• Return to debt capital markets after 8 years:• June 2017: 5 year bond (US$ 76m)• May 2018: 30 year subordinated bond (US$ 41m)• 2018: US$ 205m• 2019: US$ 364m through July 2019• October 2019: subordinated bond (US$ 41m) expected
Successful Bond Issuing
• In October 2017, ICR improved rating to AA- (local rating)• In October 2018, Feller Rate improved rating to AA- (local rating)
Credit Rating Improvements
• In 2017, a 70% capitalization policy was introduced in line with our growth strategy• In February 2018, a capital plan of US$ 89m was approved• In March 2018, a capital injection of US$ 15m was completed• In November 2018, a capital injection of US$ 37m was completed• In September 2019, a capital injection of US$ 30m was completed
Capital Plan and Basel III compliance
• Successful new Asset Management business, reaching 1% market share through July 2019• Insurance Intermediary business
New Subsidiaries
Performance gaps vs. benchmarks were overcome by 2018 through the successful execution of our Turnaround Plan
10
Gaps by 2015
LLP Expense (5)
(% GOR)
Efficiency Ratio (6)
(% GOR)
Turnaround Plan Results December 2015 vs. August 2019
Source: Banco Internacional. SBIF; Banco Internacional analysis(1) Banco de Chile, Santander, BCI, BancoEstado; (2) Itau, Scotiabank; (3) Security, BICE; (4) Annualized Pre-Tax Income / Equity; (5) Provision Expenses excl. recovers / Gross Operational Results; (6) Non-interest Expenses/ Gross Operational Results.
Pre-tax ROE (4)
20%13% 15%
-2%
20%
11%15%
20%18
23% 22% 17%
39%
22% 25%13%
24%23
-16%
45% 50% 49%66%
45% 50% 50% 42%
International(2)
45
Banco InternacionalPeers(3)Mega(1)
-23%
Banco Internacional 2022 Strategic Plan
11
Achieve scale in current and new businesses
3% Market Share in current business segments
Diversified growth in new businesses
Leaders in Efficiency
Revenue Stability
Achieve revenue stability through diversified growth
in clients and products Enhance cross-selling
Follow-through onde-risking
Risk disciplineNPL de-risking
Culture and Capabilities DigitizationEnabled by:
Banco Internacional objectives through 2022
12
2016-2018 2019-20222012-2015
Turnaround 2022 TargetsBefore
1,0%1,8%
3,0%
Today
13%18%
0%
64% 56%< 40%
202220182015
39%
15% 10%
Market Share Commercial
Loans (%)+ 1.2%+ 0.8% # 9
ROAE% + 5%+ 13% # 4
LLP% GOR - 5%- 24% # 3
Efficiency% GOR - 15%- 8% # 2
13
Shareholder Commitment to our Long-Term
Vision
Effective Execution of a
Proven and Coherent Strategy
Efficiency Upsides through
Digitization
De-Risking and Improvements
in Risk Management
Consolidated Corporate
Governance
Solid Financials
B
C
D
A
E
Banco Internacional success enablers
ILC – our main shareholder – is a Chilean financial group with a successful track-record and proven financial stability
14
LTM Net Income (1)
US$ 144 MM
Assets (1)
US$ 73.4BnAFP Habitat. Confuturo and
Corpseguros
Rating:
AA+
Market Cap(2)
US$ 1.8 BnROE (1)
14.0%Consolidated Employees
13,000Aprox. In Chile and Peru
67.0%
International Investors Local Investors
10.7% 22.3%
(1) LTM June 2019 (2) Market Cap. May 2019;Source: ILC; Banco Internacional analysis Ranking within their industry
10° 1° 2°
4°2°2°
A
Governance is ensured through a reputable Board and a solid Management Team with proven track-record
15
SegismundSchulin-Zeuthen
ChairmanIndependent
Board Member
Andrés Solari
Vice - president
Pablo Ihnen
Francisco Vial
Andrés Navarro
Fernando Lefort
Independent Board Member
Carlos Brito
Juan AntonioMinassian
Independent Board Member
Sebastian Claro
HéctorNeiraCRO
Experience20+ years
Ezequiel Iturain
CFO
Experience10+ years
Natalia Madrid
HR
Experience10+ years
SebastiánSalgóLegal
Experience15+ years
Lorena Bulnes
Comptroller*
Experience20+ years
Mario ChamorroCEO
Board Members
Management Team
B
HernánCerdaSME´s
Experience20+ years
Christian Misle
Middle-Market & Corporate
Experience25+ years
Javier Barrenechea
Treasury
Experience20+ years
Jorge Garrao
Retail
Experience20+ years
Rolando RuizCTO
Experience15+ years
Source: Banco Internacional * Report directly to the Board
Carmen González
COO
Experience25+ years
Marco Bravo
Compliance*
Experience25+ years
Chairman and CEO experience
16
B
Segismund Schulin-Zeuthen SerranoChairman
• MsBA. Universidad de Chile
• 2019 Chairman Banco Internacional
• 2018-14 Chairman Chilean Bank Association
• 2014-10 Chairman Banco Estado
• Visa• 2011 - 07 Director Visa Inc.• 2007 - 04 Director of Innovant• 2007 - 03 Chairman Visa LAC
• Banco de Chile• 2007 - 99 Chairman and Director Banco de Chile• 1999 - 85 CEO Banco de Chile
• Other• Director Corpbanca• Director Sonda S.A.• Director Essbio S.A.• Director Almagro S.A.
Mario ChamorroCEO
• MsBA. Universidad de Chile
• Masters in Economics. Universidad de Chile
• MBA UCLA
• 2015 CEO Banco Internacional
• 2015-14 CEO Tanner Servicios Financieros
• 2000-11 CEO CorpBanca
10.5%
13.9%14.8%
4.1%
’19 E
8.8%
12.6%
YTD ’19
3.1%
11.4% (*)4.3%
3.0%
’18
7.5%
11.8%
’17’16
4.3%
9.6% 8.3%7.9%
13.0%
’15
4.9%
8.3%CET1 (3)
Tier II (2) 3.9%
’14
9.9%
1.7
Other Assets,Net (8)
Total Loans,Net
TradingAssets
1.71.9
-2%
23%
78%
1%
3%21%
75%
’181%
Liquid Assets & Cash
10%
’17
73%
1%
0%
’16
2.2
25%
14%16%
70%
3.2
11%
3%
’14
6%
16%
2.9
73%70%
YTD ’19
5% 4%
’15
1.71.7
Bonds
16%
BanksDeposits -WholesaleDeposits -Retail
YTD ’19
14%
7%
19%
7%7%
1.9
’17
8%
61%
4%
’14 ’18
9%
8% 54%
12%
8% 6%
62%
6%
Current AccountsEquity6%
52%
8%
4%
2.9
5%
3.2
4%
7%
4%
16%
’15
63%
53%8%
19%
’168%
8%
2.2
6%
8%7% 8%
Capital adequacy, liquidity and balance sheetSeptember 2019
17Source: Banco Internacional. SBIF; Banco Internacional analysis(1) Risk Weighted Assets; (2) Subordinated Bonds; (3) Core Equity Tier I; (4) Liquid Assets; (5) LA / Short-Term Liabilities; (6) Net of Other Liabilities; (7) Includes Other Assets net of Other Liabilities; (8) Net of Other Liabilities
LiquidityAugust 2018
Capital adequacyTotal Equity / RWA(1). August 2018
Assets(7)
US$ Bn. August 2018Funding Mix(6)
US$ Bn, EoY, excl. Other Liability
81%
321%
151% 152%RCL (5)
%
’18
Industry:Ø 80%
YTD ’19’14 ’17’16’15
651361250 274 423
114LA
(MM US$) (4)
C
LiquidityEoY
Capital AdequacyTotal Equity / RWA(1), EoY
Assets(7)
US$ Bn., EoY
Industry
21%
39%
8%
9%
23%
77%
10%
4%
6%
4%
Industry
(*) Capital injection of US$30m sept ’19 and subordinated bond of US$ 40m expected oct ‘19
Income StatementSeptember 2019
Gross Operating MarginUS$ MM
Efficiency Ratio% GOR
LLP Expense% GOR
1,265
YTD ’18
1,3791,593
YTD ’19
2,859
2,194
YTD ’15 YTD ’17YTD ’14 YTD ’16
1,264
+126.0%
Total Loans US$ MM
Market ShareCommercial Loans
Net IncomeUS$ MM, before & after tax
1,0 1,0 1,1
1,3
1,6
2,0
YTD ’19YTD ’18YTD ’14 YTD ’17YTD ’16YTD ’15
+0,98
C
18
14 17 2134
2
2
43
21
2016
0
2014
3
LTM
16
20172015 2018
27
+1,998%
58 6270
7788
114
2014 2017 LTM20162015 2018
+96.5%
59.8 58.6 60.561.0
YTD ’18
42.7
YTD ’14 YTD ’17 YTD ’19
54.0
YTD ’16YTD ’15
-17.1
29.7
16.8
17.5
20182017
39.2
14.0
18.6
2014 2016
23.014.7
LTM2015
16.7
13.8
34.318.6
-11.1
Chilean Commercial Loans Market, 2019
9.211.713.6CAGR2010-2019
(%)11.28.8
Our strategic priority is targeting SMEs and Middle-market companies – 63k potential clients in Chile
19Source: SBIF; Banco Internacional analysisMarket clients segmented by debt: Micro < US$ 20,000; Small: <US$ 160,000 ; SME <US$ 720,000 ; Middle-Market <US$ 8,000,000 ; and Corporate: >US$ 8,000,000
DebtMM US$
25.1(0.0%)
11.6(0.0%)
12.9(0.0%)
4.2(0.0%)
91.6(0.1%)
Total Market Clients. ‘000 3.316.2
923.451.8373.8
Average DebtUS$ ‘000 1.551
27.8195 35 223
GDP Elasticity 1.87 1.693.194.301.46
NPL%
5.30 2.914.985.220.44
# of bank relationships
3.001.633.94
1.57
CorporateMiddle MarketSMEMicro
2.13
Small
Price relevance --Footprint relevance
-- - + ++
++ + - - +
D
-1% 0%6%
9%
25%29%
-505
10152025303540
Industria
Banco Internacional
3%
1.0
ene. 15ene. 2013
2.0
ene. 19ene. 18ene. 160.5
ene. 17ene. 14
1.5
1.761.41
1.98
1.131.03
+0.10+0.27
+0.57
Since 2016, Banco Internacional is the fastest-growing Bank in Chile
20Source: SBIF; Banco Internacional analysisNote: Total market only considers assets in Chile
D
Banco Internacional Commercial Loans Market Share, %
Commercial Loans Growth, real terms, 12 month moving average, %
Our business-model is diversified across strategic segments, revenue sources and allows high organic growth
21Source: Banco Internacional, SBIF; Banco Internacional analysis(1) Retail: Annual sales under MUS$ 440, SME’s: Annual sales between MUS$ 440 – MUS$ 11.000; Middle-Market & Corporate: over MUS$ 11.000
Client ActivityEoY, September 2019
D
Non-interest Revenue from Client ActivityUS$ MM, % GOR, EoY
Breakdown of Assets by Segment(1) and Revenue%, September 2019
Breakdown of Loans by Sector %, September 2019
SMEs
GOR
Middle-Market& Corporate
Retail 17.6%
43.2%
39.2%
Assets
54.8%
9.6%
35.6%14.2%6 Fees
9.4%
7.6%
92.7%
8.8%
8.1%
’17
15.1%
21
’16
12.0%
3.7% 16.5%
TreasuryManagement
2.9%
’15 LTM
23
’18
25
’14
7.4%
6
+52%
+11%
YTD ’19
0.49
’18
0.710.71
’17
Average Loans(US$ MM)
’16’15
0.510.49
’14
0.57
3.176 3.374 3.779 4.366 4.998 5.525Clients (commercial)
+9%+17%
11%
14%
22%6%
5%
3%
5%
23%
Electricity, Gas & WaterMinig
Financial Services
Forestry, Farming & Fishing
Transportation & Telecommunications
Commerce
IndustrialConstruction
0%
Holding
Services
Risk Index (1)
%. EoYCollateral Coverage
% Total Loans, EoY
NPL (2)
% Total Loans
De-riskingSeptember 2019
22Source: Banco Internacional. SBIF; Banco Internacional analysis(1) Loan Lost Provision / Total Loans; (2) Non-performing Loans
NPL (2)
% Total Loans, EoY
E
2.9
’18
3.1
1.9 1.9
2.9
2.2
’17’15’14 ’16 YTD ’19
Industry2.4
74.373.7
58.5
’17
70.963.5
Industry50
’16
71.6
YTD ’19’18’15’14
2.3 0.9
’16
2.2
2.2Client BClient A
’18
4.20.3
2.6
1.3
’15 YTD ’19
0.33.4
’17
4.6
3.7
2.33.43.4
’14
Industry2.0
2.2
Adjusted NPL’s
Total NPL’s
1.92%
Client B
0.26%
3.36%
0.90%2.20%
Client A Target 24m
-0.28%
Note: September ’19Source: Banco Internacional analysis 23
FinancialsBalance Sheet, US$ MM
2014 2015 2016 2017 2018 YTD Δ 15/14 Δ 16/15 Δ 17/16 Δ 18/17 Δ 19/18
Assets 1.670 1.673 1.883 2.208 2.903 3.243 3 211 325 695 339
Cash and Cash Equivalents 187 74 145 102 263 125 - 112 71 - 43 162 - 139
Total Loans, Net 1.174 1.221 1.314 1.607 2.177 2.536 47 93 293 570 359
Trading Assets 168 271 216 10 35 27 103 - 55 - 206 25 - 8
Liquid Assets 51 30 152 441 324 589 - 21 121 289 - 117 265
Derivatives, Net 1 3 6 16 22 18 2 2 10 7 - 4
Fixed Assets 20 23 20 4 13 3 2 - 2 - 16 9 - 10
Other Assets, Net 69 51 31 28 68 - 56 - 18 - 19 - 3 39 - 124
Liabilities and Shareholder’s Equity 1.670 1.673 1.883 2.208 2.903 3.243 3 211 325 695 339
Liabilities 1.559 1.534 1.741 2.067 2.708 3.030 - 24 206 326 642 322
Current Accounts and Other Demand Deposits 132 134 116 170 195 197 2 - 18 54 24 3
Time Deposits 1.174 1.180 1.453 1.618 1.997 2.089 6 273 165 379 92
Banks 127 129 69 92 118 128 2 - 59 23 26 10
Bonds 127 92 102 185 398 615 - 34 10 83 213 217
Shareholder’s Equity 111 138 143 142 195 213 27 4 - 1 53 18
2014 2015 2016 2017 2018 LTM Δ 15/14 Δ 16/15 Δ 17/16 Δ 18/17 Δ 19/18
Gross Operating Margin 58,0 61,8 69,7 76,6 87,9 113,9 3,9 7,9 6,9 11,3 26,0
Loan Loss Provision, Net - 13,3 - 21,2 - 10,2 - 10,7 - 12,2 - 19,1 - 7,8 10,9 - 0,5 - 1,4 - 6,9
Non-interest Expenses - 42,6 - 43,1 - 43,9 - 44,4 - 49,0 - 52,1 - 0,5 - 0,8 - 0,5 - 4,6 - 3,1
Net Operating Margin 2,0 - 2,5 15,6 21,5 26,7 42,7 - 4,5 18,0 5,9 5,3 16,0
Other Non-operating Incoming 0,0 0,0 0,3 - 0,0 - 0,1 0,0 0,0 0,2 - 0,3 - 0,0 0,1
Income Before Taxes 2,0 - 2,4 15,8 21,4 26,7 42,7 - 4,4 18,2 5,6 5,3 16,0
Income Tax 1,3 2,6 - 1,9 - 4,0 - 5,5 - 8,6 1,2 - 4,5 - 2,0 - 1,6 - 3,1
Net Income 3,4 0,1 13,9 17,5 21,1 34,1 - 3,2 13,8 3,6 3,7 13,0
Note: September’ 19Source: Banco Internacional analysis
FinancialsIncome Statement, US$ MM
24
YTD 2014
YTD 2015
YTD 2016
YTD 2017
YTD 2018
YTD 2019 Δ 15/14 Δ 16/15 Δ 17/16 Δ 18/17 Δ 19/18
Gross Operating Margin 47,6 47,1 51,1 56,3 66,2 92,6 - 0,4 4,0 5,2 9,9 26,4
Loan Loss Provision, Net - 11,0 - 16,6 - 8,6 - 7,1 - 10,9 - 17,8 - 5,6 8,0 1,5 - 3,8 - 6,9
Non-interest Expenses - 30,4 - 30,0 - 32,4 - 35,4 - 37,0 - 40,3 0,4 - 2,5 - 3,0 - 1,6 - 3,3
Net Operating Margin 6,2 0,5 10,1 13,8 18,3 34,5 - 5,6 9,6 3,7 4,5 16,1
Other Non-operating Incoming 0,0 0,0 0,3 - 0,0 - 0,0 0,0 0,0 0,2 - 0,3 - 0,0 0,1
Income Before Taxes 6,2 0,6 10,3 13,8 18,3 34,5 - 5,6 9,8 3,4 4,5 16,2
Income Tax - 1,1 1,9 - 0,5 - 2,4 - 3,6 - 6,7 3,0 - 2,4 - 1,9 - 1,2 - 3,1
Net Income 5,1 2,5 9,8 11,4 14,7 27,8 - 2,6 7,3 1,5 3,3 13,1
Ezequiel [email protected] – +56 2 2989 7215Av. Apoquindo 6750. 16th Floor. Las Condes
Ma. Ignacia ErrázurizInvestor [email protected] – +56 2 2989 7976Av. Apoquindo 6750. 16th Floor. Las Condes