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Investments in Associates and Other Companies | 12 Months Ended
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Dec. 31, 2022
Disclosure of Investments in Associates and Other Companies [Abstract] |
INVESTMENTS IN ASSOCIATES AND OTHER COMPANIES | NOTE 09 - INVESTMENTS IN ASSOCIATES AND OTHER COMPANIES Investments in associates and other companies are shown in the following table:
|  | Ownership interest As of December 31, |  |  | Carrying value As of December 31, |  |  | Profit and loss As of December 31, |
|  | 2022 % |  |  | 2021 % |  |  | 2020 % |  |  | 2022 MCh$ |  |  | 2021 MCh$ |  |  | 2020 MCh$ |  |  | 2022 MCh$ |  |  | 2021 MCh$ |  |  | 2020 MCh$ |
Redbanc S.A. (*) |  |  | 33.43 |  |  |  | 33.43 |  |  |  | - |  |  |  | 3,800 |  |  |  | 3,321 |  |  |  | - |  |  |  | 572 |  |  |  | 472 |  |  |  | - |
Transbank S.A. (*) |  |  | 25.00 |  |  |  | 25.00 |  |  |  | - |  |  |  | 27,732 |  |  |  | 21,288 |  |  |  | - |  |  |  | 6,508 |  |  |  | (3,046 | ) |  |  | - |
Centro de Compensación Automatizado S.A. |  |  | 33.33 |  |  |  | 33.33 |  |  |  | 33.33 |  |  |  | 5,172 |  |  |  | 3,664 |  |  |  | 2,788 |  |  |  | 1,567 |  |  |  | 876 |  |  |  | 603 |
Sociedad Interbancaria de Depósito de Valores S.A. |  |  | 29.29 |  |  |  | 29.29 |  |  |  | 29.29 |  |  |  | 1,949 |  |  |  | 1,769 |  |  |  | 1,633 |  |  |  | 442 |  |  |  | 344 |  |  |  | 302 |
Cámara de Compensación de Alto Valor S.A. |  |  | 15.00 |  |  |  | 15.00 |  |  |  | 15.00 |  |  |  | 1,110 |  |  |  | 1,008 |  |  |  | 971 |  |  |  | 140 |  |  |  | 58 |  |  |  | 28 |
Administrador Financiero del Transantiago S.A. |  |  | 20.00 |  |  |  | 20.00 |  |  |  | 20.00 |  |  |  | 3,169 |  |  |  | 3,134 |  |  |  | 3,476 |  |  |  | 804 |  |  |  | 437 |  |  |  | 337 |
Servicios de Infraestructura de Mercado OTC S.A. |  |  | 12.48 |  |  |  | 12.48 |  |  |  | 12.48 |  |  |  | 1,682 |  |  |  | 1,561 |  |  |  | 1,528 |  |  |  | 109 |  |  |  | 33 |  |  |  | (24 | )
Subtotal |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44,614 |  |  |  | 35,745 |  |  |  | 10,396 |  |  |  | 10,142 |  |  |  | (826 | ) |  |  | 1,246 |
Shares or rights in other companies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bladex |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 136 |  |  |  | - |  |  |  | 188 |  |  |  | - |
Stock Exchanges |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,964 |  |  |  | 1,941 |  |  |  | 2,445 |  |  |  | 168 |  |  |  | 163 |  |  |  | 142 |
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8 |  |  |  | 8 |  |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,586 |  |  |  | 37,694 |  |  |  | 12,987 |  |  |  | 10,310 |  |  |  | (475 | ) |  |  | 1,388 |
| (*) | In December 2021, the Bank reclassified its participation in Redbanc S.A. and Transbank S.A. as Investment in associates, after its prior decision to classify them as “Non-current assets held for sale and discontinued operations”, due to lack of buyers. See Note 1 v) and Note 39.
In April 22, 2021, Transbank held an extraordinary shareholders meeting, were the members approved a capital increase of MCh$30,000. In June 22, 2021, at the ordinary Board of Directors meeting, the Bank approved the contribution, the first contribution was made on July for MCh$2,500 and the second on September for MCh$4,999.
| a. | Equity instruments at fair value through other comprehensive income
As described in Note 1 g), the Bank has elected to measure equity instruments at FVOCI and thus present in OCI changes in the fair value. Those equity investment are considered “strategic investments”, are not held for trading and are not material. Dividends are recognised in the income statements under “Income from investments in associates and other companies”. In July 2021, the Bank sold its participation in Bladex. The fair value of these equity investments is as follows:
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | MCh$ |  |  | MCh$ |
Stock exchange |  |  | 1,964 |  |  |  | 1,941 |
Others |  |  | 8 |  |  |  | 8 |
Total |  |  | 1,972 |  |  |  | 1,949 |
| b. | Summary of financial information of associates as of and for the years ended December 31, 2022, 2021 and 2020:
|  | As of December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | Assets |  |  | Liabilities |  |  | Equity |  |  | Net income |  |  | Assets |  |  | Liabilities |  |  | Equity |  |  | Net income |  |  | Assets |  |  | Liabilities |  |  | Equity |  |  | Net income |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Redbanc S.A. |  |  | 30,518 |  |  |  | 19,150 |  |  |  | 9,657 |  |  |  | 1,711 |  |  |  | 28,410 |  |  |  | 18,475 |  |  |  | 8,522 |  |  |  | 1,413 |  |  |  | 25.483 |  |  |  | 16.820 |  |  |  | 8.018 |  |  |  | 645 |
Transbank S.A. |  |  | 14,982,071 |  |  |  | 13,872,786 |  |  |  | 848,977 |  |  |  | 260,308 |  |  |  | 1,317,587 |  |  |  | 1,232,689 |  |  |  | 97,337 |  |  |  | (12,439 | ) |  |  | 1.006.137 |  |  |  | 938.800 |  |  |  | 84.007 |  |  |  | (16.670 | )
Centro de Compensación Automatizado S.A. |  |  | 19,342 |  |  |  | 4,295 |  |  |  | 10,345 |  |  |  | 4,702 |  |  |  | 13,247 |  |  |  | 2,519 |  |  |  | 8,100 |  |  |  | 2,628 |  |  |  | 11,134 |  |  |  | 2,953 |  |  |  | 6,371 |  |  |  | 1,810 |
Sociedad Interbancaria de Depósito de Valores S.A. |  |  | 7,717 |  |  |  | 463 |  |  |  | 5,746 |  |  |  | 1,508 |  |  |  | 6,676 |  |  |  | 358 |  |  |  | 5,143 |  |  |  | 1,175 |  |  |  | 5,840 |  |  |  | 314 |  |  |  | 4,496 |  |  |  | 1,030 |
Cámara de Compensación de Alto Valor S.A. |  |  | 8,357 |  |  |  | 1,004 |  |  |  | 6,423 |  |  |  | 930 |  |  |  | 7,569 |  |  |  | 931 |  |  |  | 6,246 |  |  |  | 392 |  |  |  | 7,158 |  |  |  | 722 |  |  |  | 6,246 |  |  |  | 190 |
Administrador Financiero del Transantiago S.A. |  |  | 60,738 |  |  |  | 40,113 |  |  |  | 16,604 |  |  |  | 4,021 |  |  |  | 54,437 |  |  |  | 35,279 |  |  |  | 17,233 |  |  |  | 1,925 |  |  |  | 49,841 |  |  |  | 30,670 |  |  |  | 17,227 |  |  |  | 1,944 |
Servicios de Infraestructura de Mercado OTC S.A. |  |  | 16,631 |  |  |  | 3,418 |  |  |  | 13,210 |  |  |  | 3 |  |  |  | 35,640 |  |  |  | 23,023 |  |  |  | 12,246 |  |  |  | 371 |  |  |  | 14,480 |  |  |  | 2,232 |  |  |  | 12,441 |  |  |  | (193 | )
Total |  |  | 15,125,374 |  |  |  | 13,941,229 |  |  |  | 910,962 |  |  |  | 273,183 |  |  |  | 1,463,566 |  |  |  | 1,313,274 |  |  |  | 154,827 |  |  |  | (4,535 | ) |  |  | 1,120,073 |  |  |  | 992,511 |  |  |  | 138,806 |  |  |  | (11,244 | )
| c. | Restrictions over the ability of associated companies to transfer funds to investors
There are no significant restrictions regarding the capacity of associates to transfer funds, whether in cash dividends, refund of loans, or advance payments to the Bank.
| d. | Activity with respect to investments in other companies in 2022, 2021 and 2020 is as follows:
|  | As of December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Opening balance as of January 1, |  |  | 37,694 |  |  |  | 12,987 |  |  |  | 10,177 |
Acquisition of investments |  |  | - |  |  |  | 27,233 |  |  |  | - |
Sale of investments |  |  | - |  |  |  | (136 | ) |  |  | (20 | )
Participation in income |  |  | 10,310 |  |  |  | (475 | ) |  |  | 1,388 |
Dividends received |  |  | 526 |  |  |  | 506 |  |  |  | 508 |
Other adjustments |  |  | (1,944 | ) |  |  | (2,421 | ) |  |  | 934 |
Closing balances as of December 31, |  |  | 46,586 |  |  |  | 37,694 |  |  |  | 12,987 |

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