Over Seven Thousand Cajavecina Points B

BancoEstado for all Chileans; over four million CuentaRUT COMPLETE BANCOESTADO FINANCIAL STATEMENTS Annual report and Financial Statements BancoEstado 2011 BancoEstado with Chile; over 450 thousand micro-entrepreneurs BancoEstado 2011 BancoEstado ANNUAL REPORT & FINANCIAL STATEMENTS BancoEstado 2011 Memoria Anual y Estados financieros Banco Estado 2011 Design and Layout: LaBoca Photography / Producer: Pablo Wilson / LaBoca Printout: Ograma BancoEstado always by your side; over seven thousand Annual Report and Financial Statements Annual Report and Financial Statements CajaVecina Points Annual Report Index Annual Report 2 3 5 37 45 69 77 83 87 91 95 CHAPTER 1 CHAPTER 2 CHAPTER 3 CHAPTER 4 CHAPTER 5 CHAPTER 6 CHAPTER 7 CHAPTER 8 CHAPTER 9 A bank of excellence An Efficient and Social Impact Managing Channels: Financial Risk Management Human Resource Management Consolidated in Chile Sustainable Bank Business The most extensive Management Management: Active by Subsidiaries: Financial Statements Management banking network in Engagement with Empowering Banking Chile Bancarization Services and Financial Inclusion Chairman’s Statement Mission and Vision The Banking Industry National Coverage Financial in Chile: Results and Management Risk Management Training and BancoEstado Financial Summary Strategic Plan Forecasts CajaVecina Development Microempresas S.A. 2012 - 2014 Bank Profitability Risk Indicators Asesorías Financieras Corporate Corporate ServiEstado Health and Wellness Governance: A Public Strategic Projects Management Diversification of Financial Risk BancoEstado Excellence Bank Electronic Funding Sources Corredores de BancoEstado’s Transactions Seguros S.A. Prizes and Awards Customers Global Presence Servicing Network BancoEstado S.A. Milestones 2011 Marketing and Map New York Branch Administradora Communications General de Fondos Evolution of Personal Banking BancoEstado in Divisions Services BancoEstado S.A. figures Management Corredora de Bolsa Sociedad de Servicios Transaccionales CajaVecina S.A. BancoEstado Centro de Servicios S.A. BancoEstado Servicio de Cobranza S.A. BancoEstado Contacto 24 Horas S.A. CHAPTER A bank of excellence 1 in Chile Head Office Chairman’s statement Annual Report Annual Report 6 7 process within BancoEstado. This agreement is positive year, BancoEstado undertook numerous actions aimed The financial year 2011 was a period of significant for both parties and includes several benefits, enhances at increasing its various key audiences’ confidence, achievements for BancoEstado, its customers and development and the organization’s work. This process was especially customers. Our corporate brand is one of the employees. During that year, we made important progress an example of constructive dialogue. We are proud of it, most recognized at a national level, and empowers us as a in the strategic objectives established by the Corporation, and willing to continue developing a long term relationship close company for our customers and civil society as well. contributing to the country's bankarization and with with the National Union of Workers and employees of the We want to promote responsible financial behaviour by the purpose of supporting all Chileans in development Bank. informing people in detail about products and conditions, and entrepreneurship. Thus, business and financial enabling them to make the best decision. We have also management results were consistent with an increasingly BancoEstado’s eight subsidiaries have an active driven many initiatives to comply with new legislation of efficient administration, allowing us to fulfil and participation in each challenge and strategic directions financial SERNAC, becoming thus a model as public bank, strengthen the role of the Bank and its many contributions raised. Their results are a strong support for bankarization, at the service of our customers and all Chileans. to the welfare of people and the development of Chile. by providing customers a wide range of products and services. I would like to underline the excellence and To accomplish our mission, which provides a better Several milestones marked this year. In late 2011, we quality of these business support companies, which is customer service and achieve sustainable bankarization, counted on approximately 4,200,000 Chileans with confirmed by major awards and achievements received efficiency appears as a major challenge that need to be an active CuentaRUT; over 7,100 CajaVecina points in their fields of work. Thus, BancoEstado Corredores improved every year. As in previous years, performance in provide basic financial products and services in the most de Bolsa stands out as leader in fixed income. Likewise, 2011 showed significant progress, reaching the best rate remote places of the country; more than 429,000 micro- BancoEstado Corredores de Seguros —with 12 years in recent years, 54.8%. This achievement is a step forward entrepreneurs directly assisted by the Microfinance experience— leads the market as per the amount of in the materialization of one of the most important Subsidiary, formalizing and strengthening the work bankarized customers thanks to the partnership held guidelines outlined in the Strategic Plan: to achieve a 50% made by Chileans various productive sectors. Automated with one of the largest insurance companies: Metlife. efficiency rate by 2014. transactions have been a key factor in financial services Inc. Co. BancoEstado Microfinance leads entrepreneurs improvement. Currently, 92% of all transactions performed servicing along the country, and CajaVecina became Likewise, during the year the bank managed a US$500 in BancoEstado are made through remote channels, a internationally successful model in bankarization. million bond placement for January 2012. This required a This figure ranks BancoEstado as the entity with more Additionally, the Administradora General de Fondos is deep work in international markets in the U.S., Europe, transactions per capita in Chile, leading the national permanently launching new investment tools to the Asia and Latin America to call over 200 international industry in this field. Being a committed public company, market, and the Centro de Servicios who —with their investors. model for others and at the forefront of the latest trends ServiEstado Offices— contributes in the Bank’s coverage of and technologies, we are making steps in the great service channels. In order to improve the quality of customer services, challenge of bankarization. channels and working hours, and to optimize the A growing number of customers represent an increase bank’s resources, we continued driving the Business The work done in different areas of corporate governance in obligations, especially as a public company and as a Transformation Project, an ambitious initiative to change is reflected in the deepening of bankarization, improved relevant bank in the national financial industry. During that the way we interact with our customers, with special efficiency and of course, better profitability. During the period, we expanded BancoEstado’s commitment in quality attention to remote servicing through on-line or long year, BancoEstado achieved a 15.8% return on equity, customer service with a strong emphasis on transparency distance channels. This task needs almost all areas of the which represents an improvement as per the results and information. This commitment has been agreed bank, benefiting the whole organization and incorporating achieved in previous periods, driving us towards the from the bank’s senior management downwards. Thus, new technologies that will reduce operating costs and goals established - with actions strongly focused in social during 2011 we established the Quality and Transparency accelerate production timelines distribution channels, matters. Committee, formed by the Chief Executive Officer and products and services. Senior Managers. This Committee’s main target is to Thanks to the commitment of our employees, every implement the Quality and Transparency Policy —launched BancoEstado’s transactional network, nowadays strongly day we reach more Chileans with more innovative and in 2011— and maintain strategy consistent with itself and optimized through virtual and electronic resources, efficient. Our employees are our main resource to with the institution’s business guidelines. remains the largest in Chile, reaching places where no achieve our goals. Thus, we always promote dialogue and other bank is present. Every year new ATMs are added agreements to do a better job with a higher quality life. Financial business is an activity based on trust and to our network and, with them, our remote service This year we completed a major collective bargaining respect of rights and duties of each party. During this channels as Internet or the Call Center are available to Annual Report Annual Report 8 9 our customers on a daily basis, the contribution made by their dreams come true", i.e. initiate new activities and the increase of CajaVecina operations has contributed to develop. enhance our leadership. It is important to underline the growth of the ServiEstado network and BancoEstado’s We want to continue promoting our mission and achieving permanent effort to maintain and open new branches the goals established in the Strategic Plan. Despite the Financial Summary along Chile. This work was supplemented with the unstable international financial scenario, BancoEstado reopening of the branch in the locality of Mulchén, has proved to be strong and solid institutions,

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