The banking industry has been fundamental to the Chilean economy and has played a key role in the country´s development, especially in recent decades since the economic and financial crisis of 1982.
The 1982 crisis was one of the worst in the country’s history. Its impact on the Chilean economy, both short and long term, was far greater than that of the financial crisis of 2008. At the beginning of the 1980s, numerous Chilean banks were seized, some of which were nationalised and others dissolved. GDP fell by 13.6% in 1982, the sharpest drop since the global recession of 1929. Subsequently, the unemployment rate moved over the 20% threshold, where it remained for several years.