The firm advised the Brazilian financial institution throughout the registration process and the obtaining of authorization from the Chilean Financial Market Commission, as well as in the legal and administrative procedures required to formalize its representative office in Chile.
September 2026
Santiago, Chile. Chirgwin advised Banco do Brasil S.A. on its return to the Chilean market through the establishment of a representative office, supporting the institution throughout the various regulatory, legal, and administrative stages required to formalize its presence in the country.
The engagement included assistance with the registration process and the obtaining of operating authorization before the Chilean Financial Market Commission (CMF). As a result of this process, the CMF granted authorization for the opening of the representative office through Resolution No. 5624, which also identified its representative in Chile.
The advice also involved the analysis of the legal aspects specific to a foreign banking representative office, including the scope of authority of its representative and the limitations on the activities that may be carried out in Chile. Banco do Brasil is a regulated financial institution in its home jurisdiction and had previously maintained a presence in Chile, which is why this initiative constitutes a return to the market.
The opening of the representative office will allow Banco do Brasil to reestablish its institutional presence in Chile within the regulatory framework applicable to foreign banking entities. According to the project background, this type of office may promote credit products offered by its head office and seek potential clients, while maintaining a direct relationship with the Bank’s offices in Paraguay and New York.
“We are pleased to have supported Banco do Brasil in its return to Chile. This process required ongoing coordination with both the client and the regulatory authority, as well as careful legal work to address regulatory requirements and properly formalize the representative office. The authorization obtained reflects the commitment of all parties involved and marks a new stage in the bank’s institutional presence in the country,” said Juan Ignacio Santa María, attorney at Chirgwin.
Juan Ignacio Santa María was the attorney responsible for the project on behalf of Chirgwin, leading the coordination of the regulatory process and overseeing interactions with the CMF and the other authorities involved. Raquel Frattini, a Brazilian and Chilean lawyer and Director of Business Development at Chirgwin, was responsible for managing the client relationship both locally and internationally.
Through this engagement, Chirgwin reaffirms its ability to support foreign institutions in establishing operations and entering the Chilean market, combining experience in financial regulation, corporate law, and the coordination of procedures before public authorities.
Contact:
Raquel Frattini
raquel@chirgwin.cl
+56 9 6360 1765
