PA - Banco Security

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BOARD OF DIRECTORS CHAIRMAN Francisco Silva Silva Civil Engineer, Universidad Católica de Chile, Engineer, Stanford University, Master of Science, Stanford University • Tax No.: 4.103.061-5 DIRECTORS Claudio Berndt Cramer Accountant, Universidad de Chile • Tax No.: 4.775.620-0 Andrés Concha Rodríguez Commercial Engineer, Universidad de Chile • Tax No.: 4.773.967-5 Jorge Marín Correa Business Manager • Tax No.: 7.639.707-4 Naoshi Matsumoto Takahashi Commercial Engineer, Universidad Católica de Chile • Tax No.: 3.805.153-9 Horacio Pavez García Civil Constructor, Universidad Federico Santa María • Tax No.: 3.899.021-7 Juan Cristóbal Pavez Recart Commercial Engineer, Universidad Católica de Chile, Master of Business Administration, Massachusetts Institute of Technology • Tax No.: 9.901.478-4 Ana Saínz de Vicuña BSc Honours Degree Agricultural Economics, Reading University, U.K • Tax No. 48.128.454-6 Álvaro Vial Gaete Commercial Engineer, Universidad de Chile, Master of Arts in Economics, University of Chicago. Tax No.: 5.759.348-2
04board and management SENIOR MANAGEMENT PRESIDENT Renato Peñafiel Muñoz Commercial Engineer, Universidad Católica de Chile• Master of Arts in Economics, University of Chicago • Tax No.: 6.350.390-8 Managing Director, ASSET MANAGEMENT AREA Carlos Budge Carvallo Agronomist and Masters in Agrarian Economics, Universidad Católica de Chile • Master of Arts and Ph.D., Applied Economics, Stanford University • Tax No.: 7.011.490-9 Senior Vice-president Operations and Technology Gonzalo Ferrer Aladro Industrial Engineer, Universidad de Chile • Master of Business Administration, Universidad Católica de Chile • Tax No.: 7.471.130-8 Senior Vice-president, PLANNING AND DEVELOPMENT Fernando Salinas Pinto Commercial Engineer and Master of Business Administration, Universidad Católica de Chile • Tax No.: 8.864.773-4 MANAGING DIRECTOR, INSURANCE AREA Andrés Tagle Domínguez Commercial Engineer, Universidad Católica de Chile • Tax No.: 5.895.255-9 Senior Vice-president, Marketing Alejandra Zegers Correa Commercial Engineer, Universidad Católica de Chile • Tax No.: 10.201.117-1 15 <strong>PA</strong>GE
Page 1 and 2: A N N U A L R E P O R T 2 0 1 0
Page 4 and 5: PAGE PAGE PAGE financial summary 14
Page 6 and 7: Grupo Security Summarized Unconsoli
Page 9: 02 principal financial indicators n
Page 12 and 13: DEAR SHAREHOLDERS I have the pleasu
Page 15: oard and management 04
Page 19 and 20: 05 recognitions 17 COMPANIES WITH B
Page 21 and 22: 06 activities 19 ENCUENTRO JUVENTUD
Page 23 and 24: 06 activities 21 A SCHOOL FOR VILLA
Page 25: 2003 Inversiones Seguros Security i
Page 28 and 29: ECONOMIC CONTEXT EXTERNAL ENVIRONME
Page 30 and 31: CHILE: GDP GROWTH (%) 7 6 5 4 3 2 1
Page 33 and 34: 09strategic pillars
Page 35 and 36: 09strategic pillars security, where
Page 37 and 38: 09 strategic pillars RISK MANAGEMEN
Page 39 and 40: 10business areas
Page 41: 10 business areas 39 PAGE
Page 44 and 45: FINANCING BANKING INDUSTRY Banking
Page 46 and 47: The following graph shows the evolu
Page 48 and 49: EARNINGS AND ROE OF BANCO SECURITY
Page 50 and 51: RISK Banco Security has been charac
Page 53 and 54: 10business areas I N V E S T M E N
Page 55 and 56: 10 business areas 53 Administradora
Page 57: 10 business areas 55 SECURITIZADORA
Page 60 and 61: INSURANCE INSURANCE INDUSTRY The Ch
Page 62 and 63: Compañía de Seguros Generales Pen
Page 65 and 66: 10business areas S E R V I C E S
Page 67:
It is important to recall that the
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INVESTMENT POLICY The bylaws of Gru
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The individual financial liabilitie
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BANK CREDITORS As of December 31, 2
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ASSOCIATED RISKS Local Financial Ri
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company information 12
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12company information In accordance
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12 company information 81 • Revis
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12 company information 83 In Seguro
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12 company information 85 STOCK MAR
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12 company information 87 SOCIEDAD
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12 company information 89 INMOBILIA
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Regulatory Framework Grupo Security
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financial statements 13
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financial statements 13 C o n s o l
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Consolidated Statement of Financial
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Consolidated statement of comprehen
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CONSOLIDATED STATEMENTS OF CASH FLO
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CONSOLIDATED STATEMENT OF CHANGES I
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The following companies are include
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) Description of Grupo Security’s
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- Fair value option As indicated in
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Disclosure of the Adoption of new a
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For financial assets, the amortized
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The recoverable amount is the highe
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Vida Security maintains current der
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f) Structured fixed income notes Vi
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CategorY Estimated range of loss Lo
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The main components of the cost of
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2.30 Foreign currency and indexatio
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The most significant areas of estim
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i. Pension insurances reserves This
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3.1 Main changes in the accounting
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Suspension of revenue recognition o
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) Summary of Consolidated Equity as
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3.3 Main adjustments made a) Invest
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NotE 5 - Income taxes Deferred tax
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Inmobiliaria Security S.A. measures
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NotE 8 - Investments in Associates
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NotE 9 - Property, Plant and Equipm
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) The amortization of intangible as
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NotE 13 - Other Financial Assets, C
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NotE 16 - Other Non-Financial Asset
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Detail of bank obligations as of De
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Detail of bank obligations as of Ja
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Detail of the bonds at December 31,
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NotE 19 - Other Non-Financial Liabi
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NotE 23 - Other Financial Liabiliti
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Note 24 - Non-Current Liabilities A
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) Cost of Sales The items includes
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NotE 26 - Administrative expenses T
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BALANCE 31.12.2010 31.12.2009 01.01
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Up to 1 year From 1 to 3 years From
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The management of Grupo Security S.
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c) Statement of Financial Position
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e) Statement of Financial Position
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2) Risk Management Structure Banco
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4º Credit Management Basically, th
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In the case of the Bank’s impaire
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These are the details of guarantees
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Loans that are classified individua
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Such limitations allow the Bank to
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Banco Security and its Subsidiaries
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Market risk trading ledger 31.12.20
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Regulatory Liquidity Mismatching as
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Regulatory Liquidity Mismatching as
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currency swaps). These derivatives
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Participants in the Credit Risk Com
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7) Regulatory Capital Requirement I
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6) Summary of the Policy for Invest
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d) Dividends The policy agreed by t
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The following table shows financial
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Valores Security S.A. Corredores de
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• The Board of Directors agreed t
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Note 37 - Subsequent Events On Janu
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MANAGEMENT’S ANALYSIS OF CONSOLID
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2.2 Factoring Industry Factoring ha
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5. Risk Factors 5.1 Dependence on d
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6 PERFORMANCE INDECATORS OF THE CON
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$ Pesos Chilenos MM$ Millones de Pe
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BANCO SECURITY AND SUBSIDIARIES Typ
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Banco Security and Subsidiaries Con
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Banco Security and Subsidiaries Con
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Valores Security S.A. Corredores de
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Administradora General de Fondos Se
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Factoring Security S.A. Type of ent
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Asesorias Security S.A. AND SUBSIDI
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Securitizadora Security S.A. Type o
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Global Asset Advisors Type of entit
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Inversiones Seguros Security Ltda A
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Seguros Vida Security Previsión S.
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Compañía de Seguros Generales Pen
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Servicios Security S.A. AND SUBSIDI
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Corredores de Seguros Security Ltda
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Europ Assistance Chile s.A. Type of
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Cooper Gay Chile S.A. Corredores de
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Inmobiliaria Security S.A. AND SUBS
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INVERSIONES INVEST SECURITY LTDA. A
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Travel Security S.A. AND SUBSIDIARI
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Global Security Gestión y Servicio
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Mandatos Security Ltda. Type of ent
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GROUP OWNERSHIP STRUCTURE The follo
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D E C L A R A T I O N O F R E S P O
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ADDRESSES OF COMPANIES OF GRUPO SEC
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Santa Elena Branch Santa Elena 2400
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Santiago Nueva York 33, Office 1402
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“THIS PAPER COMES FROM FORESTS MA
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PA - Banco Security

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