Mario Farren, BancoEstado's new president, asked the Financial Market Commission to relax the Maximum Conventional Rate to bancarize 200,000 more families. In an interview with La Tercera, he announced measures against fuel price hikes and plans to exceed last year's mortgage financing. Farren emphasized client service and operational security as priorities.
Mario Farren took over as BancoEstado president three weeks ago, nominated by José Antonio Kast's government. With 27 years at Citi and former Banking Superintendent, Farren expressed enthusiasm for the institution. "It has been an honor, a responsibility, and a pleasure," he said in a La Tercera interview published April 5.
Addressing the recent fuel price hike, BancoEstado launched credits with up to six months grace for mipymes and transporters, plus preferential financing for electromobility. Farren announced upcoming payments of the taxi and colectivo bonus via Bolsillo Combustibles. He also pushes QR payment interoperability with other banks.
In housing, he aims to surpass last year's 31,500 mortgage loans and 60 million UF, coordinating with Finance and Housing ministries. He proposed reviewing risk weights and CMF's LTV table over 80% to ease access without bubbles.
Farren warned of card fraud raising product costs and requested measures like lower thresholds or insurance. He called to relax the TMC, estimating it would bancarize 200,000 more families at BancoEstado alone, while measuring impact to prevent de-bancarization. President Kast prioritizes client service; Finance Minister Jorge Quiroz, operational security.
