Forty-five years after the launch of the CMR card\u2014a decisive product in its development\u2014Banco Falabella is aiming to solidify its position in personal banking, betting on a combination of profit recovery and new expansions.<\/p>\n\n\n\n
Since its inception in 1980, the CMR card has not only been an iconic credit product in Chile but also a fundamental pillar in the growth of the Falabella Group. Initially driving its expansion in retail, it later laid the foundation for a rapidly growing financial business that led to the creation of the bank bearing its name.<\/p>\n\n\n\n
This year, the financial institution is celebrating 45 years of the green card\u2019s operation, highlighting its key role in Falabella\u2019s entry into the banking sector in 2010, challenging traditional banks and positioning itself among the industry\u2019s top players, with the highest number of checking accounts and active cards in the country.<\/p>\n\n\n\n
This is complemented by steady expansion in Peru and Colombia\u2014through Banco Falabella and Seguros Falabella\u2014and in Mexico via the Falabella Soriana credit card.<\/p>\n\n\n\n
With 8.1 million active customers, Banco Falabella\u2019s portfolio in Chile, Peru, and Colombia grew 10% year-over-year, reaching US$7.3 billion by Q2 2025. Credit cards and accounts rose 15%, with 759,000 new openings between January and June compared to the first half of 2024.<\/p>\n\n\n\n
\u201cIt\u2019s not just a significant volume, but also growth well above the regional market, which we interpret as a sign that customers value our offering,\u201d said Juan Manuel Matheu, Banco Falabella\u2019s Corporate CEO. He highlighted indicators such as a 17% year-over-year increase in credit and debit card purchases, totaling US$26.2 billion in transactions over the past 12 months.<\/p>\n\n\n\n
\u201cWe came out of 2024 with strong profitability in Chile, Peru, Colombia, and Mexico. In 2025, we saw substantial improvement, along with a greater focus on growth. This year, we achieved both: reigniting growth and profitability,\u201d he emphasized.<\/p>\n\n\n\n
By the end of 2025, Matheu expects \u201cvery good levels of profit across all business units, with strong results, growth, and customer satisfaction.\u201d However, he noted that comparisons will be more moderate in the second half of the year, as \u201cwe began seeing strong profits in H2 2024.\u201d<\/p>\n\n\n\n
\u201cThe profitability of our businesses is a result of a value proposition that is both digital and complemented by all the benefits offered by the Falabella Group and our partnerships, which resonate well with customers. That\u2019s why our businesses are increasingly healthy,\u201d he said.<\/p>\n\n\n\n
Local Strategy<\/strong><\/p>\n\n\n\n In Chile, the goal of becoming the largest personal bank is largely achieved. As of June, Banco Falabella had 4.3 million active customers using its payment methods (CMR debit and\/or credit), and it became the largest issuer of credit cards with over 2.7 million\u2014holding a 30.5% market share. It ranked second in credit card purchases (21.2% share) and third in debit card purchases (13% share). At the same time, its loan portfolio rose 13.7% to US$4.7 billion.<\/p>\n\n\n\n In checking accounts, it leads with 3 million accounts, representing a 24.9% market share as of July, making it \u201cnumber one\u201d in that segment, according to Matheu.<\/p>\n\n\n\n From this position, local operations posted profits of US$153 million in H1 2025, a 54.6% increase compared to the same period in 2024. The goal for the full year is to \u201cmaintain growth.\u201d<\/p>\n\n\n\n Alongside initiatives like integrating the Falabella.com marketplace into the bank\u2019s app with personalized features, the institution launched new products. One example is the CMR with Guarantee<\/strong> card, which expands credit access through a prepaid deposit system and aims to \u201cmake sure every Chilean can have a CMR.\u201d Based on good payment behavior, customers can increase their credit limit.<\/p>\n\n\n\n Other innovations include a digital savings account indexed to the UF (Unidad de Fomento), expanded financing solutions for businesses and entrepreneurs selling on Falabella.com, and the ability to send remittances abroad at no cost. Optimizing the mortgage product is also a priority. \u201cWe constantly listen to, analyze, and understand our customers, and based on that, we try to complement the offering to meet their needs,\u201d he said.<\/p>\n\n\n\n Beyond product innovation, Banco Falabella\u2019s more expansive trajectory compared to the rest of the industry has been driven by its digital transformation strategy, which is expected to make a strong contribution in 2026. \u201cWe expect this to be the year we truly begin to capitalize on all the work we\u2019ve done in generative AI and personalization, especially in the area of benefits,\u201d he anticipated.<\/p>\n\n\n\n Regional Progress<\/strong><\/p>\n\n\n\n In Peru\u2014where Falabella entered in the 1990s via CMR\u2014Banco Falabella now has 1.7 million customers and quadrupled its profits in H1 2025 to US$27.9 million.<\/p>\n\n\n\n A similar trend was seen in Colombia, where profits reached US$16.2 million by June, compared to losses of around US$5 million in the same period of 2024.<\/p>\n\n\n\n From this base, the executive expects \u201caccelerated growth in placements in both markets during the second half of the year compared to the first.\u201d<\/p>\n\n\n\n With a loan portfolio of around US$350 million\u2014growing 30% to 35% in recent years\u2014the Mexico operation, in partnership with supermarket chain Soriana, is currently focused on credit cards. In 2025, it added digital consumer loans. Profits reached US$13.9 million by June, tripling the amount from the same period last year\u2014a trend the bank expects to continue throughout 2025.<\/p>\n\n\n\n The major leap in the financial business in Mexico is planned for next year, pending authorization to offer \u201caccounts and debit products, complemented by insurance and other services.\u201d This will begin once the bank receives approval to convert its subsidiary into a Sociedad Financiera Popular (Sofipo)<\/strong>\u2014a non-bank entity that can accept deposits and issue loans to the public. \u201cWe\u2019re applying for the license to transform our company into a Sofipo, and we\u2019re preparing in terms of systems, management structure, and corporate governance\u2014doing everything necessary to obtain approval by mid-2026,\u201d Matheu said.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Forty-five years after the launch of the CMR card\u2014a decisive product in its development\u2014Banco Falabella is aiming to solidify its position in personal banking, betting on a combination of profit recovery and new expansions. Since its inception in 1980, the CMR card has not only been an iconic credit product in Chile but also a […]<\/p>\n","protected":false},"author":8,"featured_media":8702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"business_unit":[10],"class_list":["post-9358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categoria","business_unit-banco-falabella"],"yoast_head":"\n