Chile's economy is only the fifth-largest in Latin America-and equivalent to only 12.3% of that of Brazil (as at 2013, in US dollar terms)-but the country's financial system is the deepest and most sophisticated in the region, having opened itself up to liberalising reforms over more than three decades. The system benefits from high levels of bank usage and insurance coverage (by regional standards). It has a broad investor base composed of pension and Snutual funds, plus a vibrant securities market for equities and corporate debt.
Chile has one of the highest levels of financial inclusion in Latin America. Total financial-sector assets are forecast to reach 421% of GDP by 2019, with the expansion of the fund industry especially noteworthy. Total lending will expand at an annual average rate of 7.6% in nominal, local-currency terms in 2015-19, a notably slower rate than in the peak years of 201013 (11% annually) because of an easing in domestic demand growth and, particularly, investment.Credit growth will be slower than in some of Chile's regional neighbours. This is partly because Chile already has the largest stock of credit in Latin America when measured against the size of the economy, as well as greater availability of financing through other channels, such as the corporate bond market. Reduced credit growth is also related to a slowdown in Chile's overall GDP growth rate and domestic demand growth since late 2013. Concentration within the banking system has been growing, with 73% of credit concentrated in five banks in 2013, up from 60.7% in 1985.

Financial services report 2

Banks 3

Insurers 7

Asset managers 9

Financial markets and instruments 11

Financial regulation 13

Monetary and currency policy 15

Canada at a glance 17

Fundamental indicators 18

Key contacts 19

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