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AmericasJanuary 2 2006

What the bankers say: Chile

The Banker invites CEOs from around the world to discuss the economic climate in their country and institution, and their hopes for the future
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Banco de Chile

Pablo Granifo, CEO

1. What makes your country attractive to investors? 

We have political stability, and we have had adequate fiscal and monetary policies and a healthy capital market, providing a variety of financing and financial services. Chile has the infrastructure to support its growing export industries. These and other factors make it a serious candidate to continue developing a sound environment in which to invest.

2. What are the economic prospects for your country over the next three to five years? 

In the medium and long term, Chile should keep a positive economic environment. We do not foresee major changes in macroeconomics policies. Inflation is under control; copper prices will stay at higher levels compared with the past three years; unemployment rates are expected to fall again in the next 12 months, raising internal consumption; and the trade agreement with China should contribute strongly to our exports in the next five years.

 3. How do you foresee the financial sector in your country changing? 

I see the financial sector in Chile as being very dynamic and competitive, deepening its relation with retail customers and serving new market segments, specifically smaller customers and a larger proportion of Chilean households. In addition, the implementation of the Basel II Accord by 2007 should strengthen the healthy financial system even more.

 4. What role will your bank play in your country’s future development?

We will play a key role in supporting corporate customers to face free trade agreement (FTA) challenges with appropriate products and state-of-the-art technology, and we will be ready to finance Chilean families’ dreams and to manage their savings with creative and competitive products and services.

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