In 1856 the first two loans were approved. It was on 16 January and José Ignacio Izquierdo asked for 40 thousand pesos, giving as guarantee and mortgage his farm Los Nilches in Curicó, while José Miguel Salinas asked for 6 thousand pesos guaranteed with his small farm in San Felipe. Both transactions were approved. This is how the history of the bank began: always willing to collaborate with entrepreneurship and the needs of its customers.

At that time –the beginning of the current BancoEstado– the Caja de Credito Hipotecario (Mortgage Bank) had been in business for a year, under the guidance of the State and thanks to the undertakings of President Manuel Montt, together with the Minister of the Interior, Antonio Varas.

The main target of the Caja was to offer loans and receive deposits from both individuals and the production sectors at a time when Chile lacked banks. It was the first bankarisation event of the institution.

In 1877, the Board of Directors of the Caja de Crédito Hipotecario decided to create the Caja de Ahorros de Santiago (Savings Bank) to encourage workers to save. It was founded on 6 September 1884 by Luis Barros Borgoño, and on that day it opened its doors with two employees. A young customer, a six-year-old, was the holder of the first account: he deposited 100 pesos. A year later, the Caja de Ahorros de Santiago managed 45 thousand accounts.

By 1905, there were savings banks in twelve cities nationwide. In 1910, all the savings Banks merged into the Caja Nacional de Ahorros (National Savings Bank). Meanwhile, Santiago continued to have its own savings bank, which promoted housing for workers, and therefore implemented the construction of urban housing. The customers paid a 25% down payment and the rest in annual installments.

The bank continued to grow steadily. In 1927, the Board of Directors of the Caja de Crédito Hipotecario integrated the Caja de Santiago into the Caja Nacional de Ahorros. At that time, Chile had four million inhabitants and the Caja Nacional de Ahorros managed 1,400,000 accounts and had 147 branches nationwide. That same year, the Caja de Crédito Agrario (Agricultural Credit Bank) was opened, and a year later the Instituto de Crédito Industrial (Industrial Credit Institute) was created.

The social role of this bank, a value that goes back to its origins, became evident after the 1939 earthquake in Chillán where the death toll was over 30.000. The Caja Nacional de Ahorros actively contributed to the reconstruction of the devastated area and implemented a generous loan policy for the victims.

In 1942, to continue improving the quality of life of its customers, the Caja Nacional de Ahorros created “marriage loans” to help newly weds to equip their homes with the necessary furniture and appliances.

A year later, on 24 July 1953, President Carlos Ibáñez del Campo merged Caja de Crédito Hipotecario, Caja Nacional de Ahorros, Caja de Crédito Agrario and the Instituto de Crédito Industrial, founding the Banco del Estado de Chile, what today is known as BancoEstado. On 1 September 1953, it began its first transactions as an autonomous company of the State, with legal capacity and its own equity.

Six departments – banking, savings, agricultural, industrial, mortgage and investment – were the backbone of the new institution.

The social mission and the universality that characterize BancoEstado were also present in this process. The fundamental task of a financial entity is to give loans in an organized and efficient manner, targeting the production sectors and the individuals that private banking does not consider.

It also had to take the benefits of banking to the rest of the country, to the most remote areas, even though it was not commercially advisable. In other words, its mission was to create access to banking facilities or “bankarisation”.

During its first twenty years, the bank of all Chileans became consolidated as the largest bank in Chile. It steadily grew in the areas that each management considered most important.

As of 1973, the entity underwent radical changes because the policies favoring the intervention of the State in the economy were no longer applied; the state intervention system was restricted. This reduced the social role of bank with its customers and it privileged the private aspect of the financial system.

With the return to democracy, the new authorities implemented a Project to improve the commercial and social aspects of Banco del Estado, based on four pillars during its first phase (1990 to 1995): improve the presence of the bank; reaffirm it condition as a state-owned bank; strengthen its social role and streamline its management systems.

Subsequently, during the second phase (1996 a 2000), a strategic plan was developed in order to achieve four goals: combine economic efficiency with more social efficiency; significantly improve customer services; introduce a style of management that aims for results, achieves stability and progress for bank employees and to promotes competitiveness.

The turn of the century brought a change in image. The Banco del Estado became BancoEstado and subsequently was recognized as a modern institution, but with the same mission and values, so that any Chilean, anywhere in the country, would be able to keep up with progress and develop.

Bankarisation was enhanced. In 2002 the automated teller machines of BancoEstado and the Redbanc network were interconnected, providing to all banking customers more than 3,500 ATM’s nationwide. That year, the bank’s branch network increased by 45%.

Customers have shaped the paths that BancoEstado has travelled to the present day. It is their needs - during the different stages of Chile’s development - that have guided the steps taken by this universal bank.

Today, the institution is present in 99% of the districts nationwide, through branches and CajaVecina points. CajasVecina points operate at stores where a technological tool is installed enabling our customers to conduct bank transactions. Before a customer had to travel several kilometers to get to the closest branch, today a person can go to their neighborhood store to do financial transactions. There are currently 2,000 CajaVecina points nationwide and for 2010 we expect to have more than 3,000.

Also in 2008, we reached our goal of 300,000 microentrepreneur customers - a significant group of entrepreneurs - who have strived to give their families a better quality of life.

Finally, a milestone in the history of BancoEstado has been the US$ 500 million capitalization undertaken by the government, which has enabled the bank to give more loans to individuals and more funding to micro, medium and small enterprises.

During these two years, under its social role, BancoEstado dedicated to promote banking penetration and supported rebuilding the areas affected by 2010’s earthquake.

At the beginning of 2011, BancoEstado celebrated the first centennial of branches. The offices of Bandera St. and branches at Talcahuano, Quillota, Taltal, Cabildo, Rancagua and Recoleta celebrated their 100th anniversary. The Mulchén branch also reopened its doors, which after the earthquake was seriously damaged to the point the bank’s workers had to be transferred to the fire station to service customers.

In December 2011, BancoEstado reopened its Chaitén branch, following the volcanic eruption that affected that town in 2009. This same month, CajaVecina reached 7 thousand points of service throughout Chile.

During 2012, as a true milestone of banking service, CajaVecina reached 10,289 points of service, covering 99% of the country's municipalities and registering more than 91 million transactions nationwide. CuentaRUT accounts on the other hand, reached 5.3 million active accounts, which positions the entity as the leader in debit cards in Chile with an average of 22 million transactions per month. Furthermore, the Bank managed to enroll 447 thousand entrepreneurs, consolidating its leadership in the microfinances market.

Starting 2012, BancoEstado headquarters and the collections exhibited in the Savings Museum became part of the circuit of historic buildings that opened their doors to the public to celebrate the Cultural Heritage Day.

Our Clients are the ones that have marked the path of BancoEstado to this day. It is their needs, on the different stages that Chile has lived, that have guided the steps of this universal bank.

In 2013, aiming to reach all Chilean people, the inauguration of the first banking branch in La Legua´s neighborhood became a historic day for the emblematic population of San Joaquin´s district.

For years La Legua has been stigmatized as a neighborhood where drug trafficking and crime flourishes. However, there is people living there looking for a better quality of life. For this reason, BancoEstado installed a ServiEstado branch, which is located across the Salvador Allende plaza and holds two cash desks, a help desk, an ATM and two offices to serve micro-entrepreneurs.

Since the opening of this branch, neighbors do not have to travel kilometers to pay an account or perform a banking procedure.

In this manner, the initiative was inserted in BancoEstado 2013’s expansion plan, which also included adding 14 new branches throughout Chile. It also consolidated its leadership in the microfinance and online banking´s markets.

BancoEstado seeks to consolidate a relationship of trust and support with customers. For this reason, 2014’s goal was to exceed 6 million active accounts and retain leadership in debit cards.

During these years, BancoEstado confirmed its social role by including millions of Chileans to financial and non-financial services.

2015

BancoEstado celebrated 160 years commited to financial inclusion, opening new branches in 17 districts of Chile: Pichidegua, Futrono, Quemchi, Alto Biobío, Colbún, Olmué, Navidad, Tirúa, Sierra Gorda, Hualqui, Teodoro Schmidt, Pica, Lumaco, Vilcun, Santa Juana, Canela and La Reina.

BancoEstado launched the CreceMujer Emprendedora Program, an initiative that promotes women's access to the financial system by providing them with tools to improve managing their business and strengthen their undertakings.

2016

This year started with a significant milestone: the short film "Historia de un Oso" (“Story of a Bear”), sponsored by the Chilean Film Development Program of BancoEstado. This short film received an Oscar Award, becoming the first Chilean production to receive this award.

In July, CajaVecina celebrated 10 years of being with the residents of the community El Carmen, where the first point of service of this subsidiary was installed on the same place. During the last months of the year, CajaVecina inaugurated the "Minga Plan", which consisted of provisioning service points on barges that run through the islands of the Chiloé archipelago and also incorporated the payment mode at all the country free fairs.

During September of this year, BancoEstado launched its first mobile application: PagoRUT, aiming to continue providing CuentaRUT account clients with financial options in a simple, efficient and free manner.

2017

The beginning of this year was marked by forest fires that occurred at localities in the central-southern area of the country. To reinforce the commitment of being where and when the Chileans people need,  BancoEstado took a number of initiatives to alleviate the situation of affected customers in the disaster areas, such as extending installment payments of consumer loans and mortgages.

In February, CajaVecina opened the first point of service in the Chilean Antarctic, making BancoEstado the only bank with presence at all municipalities of the country. Also this year, CajaVecina signed an agreement with Fonasa (the State Health entity), allowing more than 10 million users of the Fondo Nacional de Salud (National Health Fund) to pay their vouchers for medical consultations at any of the CajaVecina service points in the country, allowing them save time and money in errands.

Also in this term, CuentaRUT accounts exceeded 10 million customers and positioned BancoEstado as the nationwide financial institution with the utmost number of operational debit cards.

2018

Repeating its commitment to financial inclusion, BancoEstado continued expanding the coverage throughout the country. Hence, the entity opened seven (7) new branches, among which stood out Lo Espejo, Florida y Cisnes, communities where BancoEstado is the first bank branch.

Also stands out during this year, the participation of BancoEstado as the financial entity responsible for the refund of the toilet paper case, the first and largest in Chile’s history, which meant more than 10 million transactions.

Meanwhile,  CajaVecina inaugurated the first CajaVecina in a hut in the country, an initiative that is part of the Wengamen Plan- "open a path" in the Mapudungun language. At the end of the year, the subsidiary also celebrated opening the 25,000^th point of service in Melipilla´s municipality.