Banco de Chile Incorporates New Card Operations Subsidiary

TL;DR

Banco de Chile just launched a new subsidiary for card operations, B-Pago S.A. - big move for payments!

AI Summary

On July 29, 2024, Banco de Chile announced the incorporation of a new subsidiary, Operadora de Tarjetas B-Pago S.A. This move was formally communicated as Material Information to the Chilean Financial Market Commission and local stock exchanges. The incorporation was executed through a public deed, marking a new venture for the bank.

Why It Matters

The establishment of Operadora de Tarjetas B-Pago S.A. indicates Banco de Chile's strategic expansion into card operations, potentially impacting its market share and service offerings in the payment processing sector.

Risk Assessment

Risk Level: low — This filing is an informational report on the incorporation of a subsidiary, with no immediate financial implications or significant new risks disclosed.

Key Players & Entities

• Banco de Chile (company) — Registrant and parent company
• Operadora de Tarjetas B-Pago S.A. (company) — Newly incorporated subsidiary
• Solange Berstein Jáuregui (person) — President of the Financial Market Commission

FAQ

Filing Documents

• ea021021801-6k_bankofchile.htm (6-K) — 11KB
• 0001013762-24-002171.txt ( ) — 12KB

From the Filing

OF FOREIGN PRIVATE ISSUER FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of July, 2024 Commission File Number 001-15266 BANK OF CHILE (Translation of registrant’s name into English) Ahumada 251 Santiago, Chile (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F Form 40-F BANCO DE CHILE REPORT ON FORM 6-K Attached is an English translation of a letter filed by Banco de Chile with the Chilean Financial Market Commission and local stock exchanges, informing as Material Information that Banco de Chile has executed the public deed of incorporation of a subsidiary entity named Operadora de Tarjetas B-Pago S.A. Santiago, July 29, 2024 Mrs. Solange Berstein Jáuregui President Financial Market Commission Present Ref: MATERIAL INFORMATION Mrs. President: Pursuant to Articles 9 and 10 of Law No. 18,045 and Chapter No. 18-10 of the Restated Regulations for Banks issued by the Financial Market Commission, duly authorized, I disclose as Material Information that today, July 29, 2024, it has been executed at the Notarial Office of Santiago of Mrs. María Pilar Gutiérrez Rivera, the public deed of incorporation of Operadora de Tarjetas B-Pago S.A. , a subsidiary entity of Banco de Chile, of the corporate purpose as indicated in its name, domiciled in the city of Santiago and whose capital corresponds 99.9% to the Bank and 0.1% to Banchile Asesoría Financiera S.A. In relation to the latter, on July 5, 2024, the Financial Market Commission ordered the execution of its Board’s resolution that authorized the Bank, jointly with its subsidiary entity Banchile Asesoría Financiera S.A., to incorporate the above-referred company as a subsidiary of the Bank, pursuant to letter b) of article 70 of the General Banking Act, together with the approval of its bylaws. Sincerely, Alfredo Villegas Montes General Counsel SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: July 29, 2024 Banco de Chile /s/ Alfredo Villegas Montes By: Alfredo Villegas Montes General Counsel

View Full Filing

View this 6-K filing on SEC EDGAR