BCI: Positioned for growth and value creation; notes from the road with management

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BCI: Positioned for growth and value creation; notes from the road with management

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BCI

Positioned for growth and value creation;

notes from the road with management

Maintain Rating: NEUTRAL | PO: 69,000.00 CLP | Price: 57,703.00 CLP

On the road with senior management 04 June 2026

We met with U.S.-based investors and BCI’s senior management, including CFO José Luis Equity

Ibaibarriaga, incoming CFO Roberto Pulido, and IRO Andrés Atala, to discuss the macro

Ernesto Gabilondo >>

outlook, operating trends, and the new holding structure. Following strong 1Q26 results, Research Analyst

management may revisit 2026 guidance in 2Q. We were encouraged by resilient Merrill Lynch (Mexico)

+52 55 5201 3428

margins, strong asset quality, and further cost-efficiency upside, while the new structure ernesto.gabilondo@bofa.com

could unlock value by highlighting Chile (19% ROAE) and the U.S. business (double-digit Mario Pierry

ROAE albeit a lower cost of capital). However, valuation remains demanding, with the Research Analyst BofAS

stock trading above historical levels, supporting our Neutral stance. +1 646 743 0047

mario.pierry@bofa.com

Antonio Ruette >>CFO transition and leadership continuity Research Analyst

As previously announced, following more than 15 years at BCI, CFO José Luis Merrill Lynch (Brazil)

Ibaibarriaga will retire, with Roberto Pulido named as his successor. Pulido brings over +55antonio.ruette@bofa.com11 2188 4225

20 years of experience within the bank, having held several key roles across Augusto Uehara >>

management control, commercial banking, and customer experience, ensuring continuity Research Analyst

and deep institutional knowledge during the transition. Merrill+55 11Lynch2188 (Brazil)4651

augusto.uehara@bofa.com