LATIN AMERICA ADVISOR

Financial AMERICA ADVISOR

A daily publication Of the dialogue

March 12, 2024

Will Chile Make Major Changes to its Pension System?

Chilean President Gabriel Boric has sought broad reforms to the country’s pension system. // File Photo: Chilean Government.

Q

A

Kathleen C. Barclay, director of AmCham Chile: “Chile has a mixed pension system including individually funded savings (AFPs) and a universal minimum pension (UMP) funded from general taxation. Key elements of the government’s reform include raising savings through an additional 6 percent employer contribution—3 percent for individual accounts and 3 percent for solidarity purposes; an industry restructuring including an enhanced role for the state, separation of funds management and administrative functions along with competitive bidding for the existing stock of AFP affiliates, all of which aim to increase competition as well as an increase in the UMP. The proposal does not address the need to…”

Top News

Brazil’s Itaú Reportedly Eying Branch in India
Brazil’s Itaú Unibanco, Latin America’s largest lender, is reportedly seeking to open a branch in India. Foreign banks seeking to do business in India must receive approval from the Reserve Bank of India.
Colombia’s Yuno Secures $25 Mn in Funding Round
Colombia-based payment platform Yuno has secured $25 million in a Series A funding round that was headed by an investors’ coalition.
BBVA Technology Expands Into Latin America
The technology division of Spanish bank BBVA said March 5 that it will expand its operations to Latin America. The bank said it had named Robert Altes as the CEO of the technology division’s Americas unit. // File Photo: LinkedIn profile of Robert Altes.

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ABOUT THE financial services ADVISOR

Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Staff

Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Ernesto Armenteros
Vice Chairman
of the Board,
Banco de Ahorro y Credito Union

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

Richard Child
CEO,
Mattrix Group

Michael Diaz
Partner,
Diaz, Reus & Targ, LLP

Ernesto Fernández Holmann
Chairman of the Board,
Ayucus

Desiree Green
Vice President,
Int’l Gov’t Affairs,
Prudential Financial

Earl Jarrett
Deputy Chairman & CEO
The Jamaica National Group

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

Thomas Morante
Attorney,
Carlton Fields

Manuel Orozco
Senior Fellow,
Inter-American Dialogue

Adalberto Palma Gómez
Senior Partner,
Aperture SC

Rodolfo Pittaluga
Adjunct Professor,
Florida International University
College of Law

Roberto Teixeira da Costa
Founder & Board Member Emeritus, CEBRI

Mario Trujillo
CEO,
DolEx Dollar Express

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