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Investments in Associates and Other Companies

12 Months Ended

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.

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

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	)

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.

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