The appetite for current accounts in dollars on the part of Chileans does not cease. According to the latest data published by the Financial Market Commission (CMF) during the first month of the year, the opening of 30,290 accounts was completed, the highest monthly figure since November 2021.
This type of product reaches 437,157 accounts, recording a growth of 163% compared to 2022. Compared to December of last year, 8.5% more accounts were opened in January.
Although accounts in dollars represent only 5.5% of all bank accounts, growth is evident: a year ago they were equivalent to only 2.7% of the universe of current accounts, advancing almost three percentage points in 12 months.
All these figures were developed in the midst of a scenario where the dollar has depreciated locally. According to Bloomberg figures, the Chilean peso was the Latin American and emerging market currency with the highest yield once morest the US currency, posting an appreciation of 6.72%.
new actors
In the last year, the dollar checking account business was dominated by two big players: Santander and Scotiabank. The former has a 40.7% market share and the Canadian firm maintained 33.4% of the market as of January.
In the competition between both financial entities, Scotiabank completed the opening of 16,052 accounts in dollars, covering 53% of the openings made in January.
Santander managed to open 7,749 accounts during the first month of the year, comprising 25.6% of the openings carried out by banks.
Both firms continue to lead the opening of foreign currency accounts. Within the retail segment there are three other banks that are beginning to break out: Itaú, Banco de Chile and BICE.
The figures revealed that Itaú opened more than 3,900 accounts in January, capturing 12.9% of the openings made by the industry in January. The Brazilian bank ended the first month with a universe of 40,290 accounts, registering a 12-month increase of 554%.
Banco de Chile redoubled its commitment to this business and in the last year its portfolio of current accounts in dollars increased by 89.2%, with 42,226 accounts.
BICE opted to grow in this niche and at the end of January, the firm increased its checking accounts in dollars by 61.1%, ending the first month of the year with a park of just over 18,000 accounts.
