Security Housing (IFC-51532)

Countries
  • Chile
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 1, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Banco Security
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 26, 2025

Disclosed by Bank Aug 29, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment consists of a senior unsecured A Loan to Banco Security, for up to US$100 million, to support the growth of the Bank’s mortgage portfolio in Chile, with a focus on mortgage loans for women.

IFC anticipates that the project will help narrow the housing finance gap in Chile by improving access to housing loans and mortgages, with a special focus on housing loans for women. For the past five years, Security has been constantly expanding its mortgage portfolio, which reached about US$1.3 billion as of March 2025.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The proposed investment consists of a senior loan of up to US$100 million to Banco Security. The loan will support the growth of the bank’s mortgage portfolio in Chile, with a focus on housing loans for women. Given that the IFC-supported portfolio is limited to individual mortgage lending, the associated environmental and social (E&S) risks are expected to be low. Accordingly, the project has been classified as Category FI-3 under IFC’s Sustainability Framework.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project consists of a senior A Loan to Banco Security, for up to US$100 million, to support the growth of the Bank’s mortgage portfolio in Chile with a focus on housing loans for women.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Banco Security is a Chilean commercial bank, headquartered in Santiago, with more than 114,000 clients and 18 branches across Chile. The Bank offers a wide range of products, serving large and medium-sized companies, as well as individuals. The Bank currently ranks 8th with a market share of 2.9% in terms of loans.

Banco Security is 99.98% owned by Grupo Security, a financial holding in Chile that primarily operates in the financial sector, mainly via banks and life insurance operations. Grupo Security is 98.5% controlled by BICECORP (72.3%) and Forestal O’Higgins (26.2%). BICECORP is a listed financial conglomerate with operations in life insurance, banking, and other related financial services.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Banco Security
Matias Errázuriz
Head of Financial Institutions Relations
+562 2584 4266
matias.errazuriz@security.cl
Av Apoquindo 3150, Piso 4. Las Condes. Santiago, Chile 
Websitewww.security.cl 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works