25 Years Creating a Future
"A family with a home has greater possibilities of gaining work, of saving and of hope," Cardenal Raúl Silva Henríquez
In order to understand the ethical and social principles which where the inspiration of the Bank, we have to go back to 1983. It was then that the adverse economic situation in the country drew Cardinal Raúl Silva Henríquez to decide to encourage, via the revitalization o Fundación para el Desarrollo, the formation of small businesses as a way of helping to ease the existing levels of high unemployment.
To achieve this Cardinal Silva decided to complement the aforementioned foundation by purchasing finance house FINTESA. This entity was afterwards authorized to merge with Banco Empresarial de Fomento (BEF) _ a bank which backed small workshops and sole traders_ and with Financiera Latinoamericana para el Desarrollo (FLANDES).
From the union of these three enterprises, the Bank came into being on 15 March, 1983. Its clear purpose was to become a financial instrument of support and of service to economic activities oriented to the development of especially micro, small and medium sized business without excluding anyone.
The Bank was promoted since its origin by Fundación para el Desarrollo in alliance with the United National Confederation for medium sized and small Industry (CONUPIA), Chambers of Commerce and the Confederation of Cooperatives in Chile (CONFECOOP), which supplied startup capital.
Today, going from strength to strength and growing together with our customers, we are market leader in our target segments. We came into being to serve the people. We believe in their capabilities, ideas and dreams. We are Banco del Desarrollo.
On November 24, 2007, Scotiabank acquired ownership of the 99.49 % of the shares.
This new property allows combine 175 years of the global experience of Scotiabank with the deep roots of Banco del Desarrollo in the Chilean market.
Both Scotiabank and Banco Del Desarrollo were founded on traditions of integrity, stability and excellence in the services they provide to their clients and have a long history of supporting the communities in which we live and work. Scotiabank shares the commitment of Banco del Desarrollo of supporting sectors of the population who have fewer opportunities to access the traditional financial system. Our main objective is to be the best bank to help customers improve their financial situation by providing appropriate solutions to their specific needs. Together we can provide a more complete and comprehensive range of financial services to the different segments of the Chilean market.