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Chilean market sees 7% growth in banking assets for 2019

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Chilean market sees 7% growth in banking assets for 2019

Chile banking market likely will see a moderation in asset growth in 2019, with an expected increase of about 7% amid tempering economic growth, according to estimates collected by Diario Financiero.

The most recent market survey by Banco Central de Chile predicted a median 3.60% GDP growth forecast for the year, down from 4.00% in 2018. Rising funding costs as interest rates rise also will likely temper loan growth.

Looking forward, executives cited by the daily noted that cybersecurity policies and the enactment of Chile's new banking law would set the sector's local agenda in 2019.

Stronger capital requirements derived from that law may leave banks such as Scotiabank Chile and Itaú CorpBanca with additional capital needs, while Santander Chile Holding SA, Banco de Credito e Inversiones SA and Banco de Chile would be adequately capitalized.