Banco del Estado de Chile has opened new branches in the south central Chilean communes of Hualaihué and Puerto Montt, the company said.

The Puerto Montt branch is in the city of Alerce, in the province of Llanquihue. The Hualaihué branch is in the province of Palena.

The new branches are part of BancoEstado's broader strategy to boost its territorial coverage and increase financial inclusion in Chile, the company said in separate statements released Jan. 31 and Feb. 1.

BancoEstado said it has 392 branches in the country.