Bicecorp S.A.

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What it is

Bicecorp is a Chile-based financial holding company whose subsidiaries span commercial and investment banking, mortgages, life insurance, real estate, and securities brokerage. It was incorporated in 1978 and is based in Las Condes, Santiago.

Think of it as a one-stop financial house for Chilean households and businesses — a bank, an insurer, a wealth manager, and a mortgage lender, all run from the same holding company. Its BICE Vida insurance arm alone carries a portfolio of 1.7 million insured clients.

Who owns it

BICECORP is controlled by Forestal O’Higgins S.A., a vehicle of the Matte Group, which also participates in the electric and forestry industries. As of the most recent disclosed figure, the Matte Group held approximately 97.49% of the company, with 2.51% in other shareholders’ hands.

EODHD data shows insiders hold 74.03% directly and institutions hold a further 16.01%, leaving a free float of roughly 10% (our calculation) — meaning this is, in practice, a tightly family-held conglomerate with a thin but real public listing. Bicecorp itself operates as a subsidiary of Servicios y Consultoría Ltda., the Matte family’s direct holding vehicle.

Who runs it

In March 2025, Luis Felipe Gazitúa assumed as board chairman, replacing Bernardo Matte Larraín, who remains a director of the holding. Juan Eduardo Correa García continues as chief executive (gerente general).

The full board now includes Luis Felipe Gazitúa (chair), Bernardo Matte, Juan Carlos Eyzaguirre, Ignacio Goldsack, Jennifer Soto, José Miguel Irarrázaval, Renato Peñafiel, Jorge Marín, and Ramón Eluchans — the last three representing the absorbed Grupo Security.

The money, in plain words

Revenue jumped 79% in FY 2025 to CLP 4.07 trillion (~USD 4.49 bn), driven almost entirely by the first-time consolidation of Grupo Security into the accounts (our calculation from structured data). Net profit was CLP 204.9 bn (~USD 226 m), and the company keeps about 5.9 cents of profit from every peso of revenue — a net profit margin of 5.85%, tight but typical for a diversified financial conglomerate that books gross insurance premiums and banking revenues as top-line income.

For every peso of owners’ equity in the business, it earns back about 10.7 cents a year — a return on equity of 10.73%, respectable for Chilean banking but with room to improve as merger costs clear. At a price-to-earnings ratio of 13.76×, the market values it modestly relative to regional peers, and the 2.76% dividend yield means shareholders are paid while they wait for integration gains to show up in earnings.

Total assets stand at CLP 35.3 trillion (~USD 38.97 bn, our calculation), with equity of CLP 2.47 trillion (~USD 2.72 bn, our calculation); the ratio of assets to equity — about 14× — is normal leverage for a bank-led group, not a warning sign.

What it is doing now

Bicecorp completed a takeover bid for Grupo Security, with Forestal O’Higgins — BICECORP’s controlling parent — consolidating the Matte Group’s stake to more than 98%. The legal merger of both holdings was completed in September 2025, and the unified group will operate under the BICE brand.

The combined group now operates as a single entity with 6,604 workers, more than 80 branches, and more than 2.4 million clients across 20 companies. The merged Banco BICE will have more than 3,000 staff and 400,000 clients, occupying sixth place in the Chilean market with 8.7% of commercial lending.

What to watch

• Integration execution. Merging 20 companies across banking, insurance, and asset management is operationally complex; margin recovery depends on how quickly duplicate costs are cut, with full subsidiary mergers slated to run into 2026–27.
• Net margin trajectory. At 5.85%, the margin is squeezed by one-off merger charges; the key number to track each quarter is whether it trends back toward the 8–10% range visible in prior standalone years.
• Free-float liquidity. With roughly 10% of shares freely tradeable, large investors face thin secondary-market liquidity — any institutional entry or exit can move the price sharply.
• Matte Group cross-holdings. Chile’s competition authority noted that the merger’s controller also participates in electricity and forestry, raising related-party lending questions that regulators will continue to monitor.

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This is news, not investment advice.