Banks manage US$2.7mn in voluntary retirement savings

Chilean banks managed 1.64bn pesos (US$2.7mn) in voluntary retirement savings (APVs) as at the end of September this year, according to the latest statistics from local banking regulator Sbif. The banks had 3,604 APV clients signed up through the end of September, the report said. Of the four banks offering APV accounts, BBVA Banco held 95% of the total, followed by Banco Santander (3%), Banco de Chile (2%) and Banco Bci (1%). In March last year, the Chilean government authorized a broad variety of financial institutions such as mutual funds, pension fund managers, insurance companies, banks and brokerages to offer APV accounts to the Chilean public. The accounts enjoy tax-breaks and were designed to boost pension savings in Chile.