Alvaro Saieh Success Story
Alvaro Saieh Bendeck is one of the wealthiest businessmen in Chile; his ancestors are from Palestine. He has been serving as the First Vice Chairman at the board of directors in Corpbanca S.A.
It is one of the biggest banking institutions of the country. Apart from that, he has also been serving as the Chief Executive Officer at Copesa which is a media conglomerate, and as a President of the Corp S.A. He has involvements in several financial activities pertaining to the development of the real estate and the financial sector of the country.
He has given a remarkable performance when he was in charge of the Banco Osorno before it was sold to the Banco Santander. He has made his contribution in yet another area of the financial industry of the country, which is the pension fund.
He managed the AFP (Associacion de Fondos de Pensiones), for as long as six years and eventually sold his equity stakes of 40% to the BBVA Group in the year 1999. He has the ownership of famous companies such as the The Four Seasons Buenos Aires, the Grand Hyatt Santiago as well as the Four Seasons Carmelo.
A Continuing Zeal for Success
Among his latest feats, the most notable is his venture into the retail activities. Unimarc was brought by him in 2007 with a share of only 1%. By 2008, the company showed a share of 20% which was quite commendable. Unimarc is regarded as the country's third retail chain and it had an investment plan of more than $300 from three years of its inception.
Saieh is also the director of the Chilean Stock Exchange as well as an adviser at the Sociedad de Fomento Fabril. He is one of the key members at the International Institute of Finance. Not only is he a successful businessman but he is also well educated. He has a degree in commercial engineering from the Universidad de Chile.
In 2006, the title of Professor Emeritus was bestowed upon him at the University of Chile. The audience consisted of diplomats, academics, congress members as well as business leaders. There was unanimous vote among the Faculty Council to honour him as an appreciation of the thirty five years of commitment he has shown towards the University. He has also completed his doctorate in Economics from the Chicago University.
Stakes in Companies
Today, Alvaro Saieh Bendeck claims as much as fifty percent of Corpbanca. The Chilean bank was built by him in 1995 after he bought the Banco Concepcion. In 2012, the Columbian unit of the Banco Santander was added by him. It is expected that the Corpbanca will merge with a unit of Itau, a Brazillian bank by 2015 end.
Itau Holdings have reportedly agreed to make a payment of $2.2 billion for the Corpbanca. It will also receive a stake of 33.58% in the bank. The insurance holdings of Saieh have a good majority interest in Corpvida and Corpseguros. He is also the president of SMU, which is a supermarket chain in Chile and owns majority shares of it as well. Alvaro has truly been a force to reckon with in the world of banking and retail in Chile.