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Safest Bank: BancoEstado (No. 42)

Chilean banks claimed two spots on the Global Finance list of 50 safest banks this year – BancoEstado at No. 42 and Banco de Chile at No. 46. The presence of two Latin American banks this year highlights the improving creditworthiness of many emerging market financial institutions.

BancoEstado is the only state-owned commercial bank in Chile. Its objective is to provide financial services across all social sectors and territories in the country.

With $40 billion in assets, BancoEstado is Chile’s third-largest bank. BancoEstado also has a 14 percent market share of the loan market. The bank is rated A+ by Fitch and Standard & Poor’s and Aa3 by Moody’s.