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Intangible Assets

12 Months Ended

Dec. 31, 2019

NOTE 13

INTANGIBLE ASSETS

As of December 31, 2019 and 2018, the composition of intangible assets is as follows:

					As of December 31, 2019
	Average remaining useful life		Net opening balance as of January 1, 2019		Gross balance		Accumulated amortization			Net balance
			MCh$		MCh$		MCh$			MCh$

Licenses		-		82		35,997		(35,997	)		-
Software development		2		66,841		214,005		(140,616	)		73,389

Total				66,923		250,002		(176,613	)		73,389

					As of December 31, 2018
	Average remaining useful life		Net opening balance as of January 1, 2018		Gross balance		Accumulated amortization			Net balance
			MCh$		MCh$		MCh$			MCh$

Licenses		1		1,200		37,224		(37,142	)		82
Software development		2		62,019		181,191		(114,350	)		66,841

Total				63,219		218,415		(151,492	)		66,923

The changes in the value of intangible assets during the periods ended December 31, 2019 and December 31, 2018 is as follows:

b.1

Gross balance

Gross balances	Licenses			Software development			Total
	MCh$			MCh$			MCh$

Balances as of January 1, 2019		37,224			181,191			218,415
Acquisitions		-			32,860			32,860
Disposals and impairment		(1,227	)		-			(1,227	)
Other		-			(46	)		(46	)
Balances as of December 31, 2019		35,997			214,005			250,002

Balances as of January 1, 2018		37,224			159,833			197,057
Acquisitions		-			29,562			29,562
Disposals and impairment		-			(8,204	)		(8,204	)
Other		-			-			-
Balances as of December 31, 2018		37,224			181,191			218,415

b.2

Accumulated amortization

Accumulated amortization	Licenses			Software development			Total
	MCh$			MCh$			MCh$

Balances as of January 1, 2019		(37,142	)		(114,350	)		(151,492	)
Year's amortization		(82	)		(26,266	)		(26,348	)
Other changes		1,227			-			1,227
Balances as of December 31, 2019		(35,997	)		(140,616	)		(176,613	)

Balances as of January 1, 2018		(36,918	)		(96,922	)		(133,840	)
Year's amortization		(224	)		(24,069	)		(24,293	)
Other changes		-			6,641			6,641
Balances as of December 31, 2018		(37,142	)		(114,350	)		(151,492	)

The Bank has no restriction on intangible assets as of December 31, 2019 and 2018. Additionally, intangible assets have not been pledged as guarantee for fulfillment of financial liabilities. Also, the Bank has no debt related to Intangible assets as of those dates.