The Point for Latin America

Research evidence excerpt

The Point for Latin America

Point |

Thursday, 25 June 2026

Top Call | Company | Industry | Strategy & Economics | Global | Key Rating and Target Price Changes

Top Call

Chile Diversified Banks - Upgrading on Attractive Valuations and Improving

Earnings Outlook

We are upgrading our recommendation on Chilean banks as valuation ratios are

currently presenting attractive discounts, in our view, both on lower stock prices

and higher earnings prospects, propelled by: 1) the positive impact of higher

inflation on NIM (inflation rate 4.1% vs 3% previously) for 2026; and 2) a more

constructive view on medium-term local economic growth prospects from 2027.

Thus, we are upgrading Santander Chile, Itau Chile, and BICE from Neutral to Buy,

and Bci from Sell to Neutral.

Javier Pizarro

Company

B3 - Brasil Bolsa Balcão (B3SA3.SA) - CADE's SG Recommends Conviction in

CSD BR Case; In Case of Conviction, Non-Material Impact Would be Expected

CADE's Superintendência-Geral (SG - General Superintendence from Brazil's

antitrust authority) has issued a recommendation to convict B3 for

anticompetitive conduct related to its treatment of rival CSD BR, marking a

significant escalation in the antitrust case opened in Aug-2025. The SG concluded

that B3 abused its dominant position in the registration and central depository

markets by artificially raising barriers to CSD BR's entry. Practices cited include

bundling, exclusivity clauses, and customer lock-in mechanisms that limit

interoperability and restrict competitors' access to essential market infrastructure.

The recommendation now moves to CADE's Tribunal for final judgment.

Historically, SG recommendations carry weight with the Tribunal. In a statement

issued by B3, the note mentions a fine of ~R$100mn, as well as restrictive