The integration of Grupo Security into Bicecorp, owned by the Matte family, is proceeding rapidly. Following the accomplished public offering for acquiring shares (OPA), the unification process has commenced with the appointment of directors for the new holding companies.

Executive Shifts at Banco Bice and Banco security

While Banco Bice and Banco Security continue to operate independently for now, significant executive changes have been implemented as march, following internal announcements in January. These changes reflect Bicecorp’s increasing influence within the new structure.

Boston Consulting Group’s Role in the Integration

Bicecorp has enlisted the expertise of Boston Consulting Group (BCG) to facilitate this complex integration. Since January, BCG’s mission has been to guide the process, harmonize the corporate cultures, and coordinate internal efforts to ensure a seamless transition. The initial design phase of the integration is nearing completion.

The selection of BCG was reportedly well-received within Grupo Security. There were concerns that McKinsey, another consulting firm, might have proposed more drastic workforce reductions.

While the exact compensation for BCG’s services remains undisclosed, Grupo Security reported spending $14.6 million in 2024 on advisory services related to the Bicecorp integration.

key Executive Changes at Banco Security

The shift in ownership and Bicecorp’s growing influence are especially evident in the new executive structure at Banco Security. In March,nine of the 12 divisional managers departed,including general manager Eduardo Olivares.Olivares has since become the CEO of Tanner Banco Digital.

Pablo Jerez, formerly the head of Planning and Financial Control at Banco Bice, has been appointed as the new general manager of Banco Security.

Miver Kamada, previously in investments, also left Banco Security to become the general manager of Tanner Stock Exchange broker. Cristián Gaete,a veteran executive from Bice Investment,replaced Kamada at Banco Security.

Other notable changes include Marcelo Espinoza, formerly of Banco Bice’s Treasury and Balance Division, replacing Nicolás Ugarte in the Finance and Corporate Division at Banco security.Enrique Menchaca,Banco Security’s prosecutor,was succeeded by Ignacio Delpino,the entity’s former chief lawyer.

Christian Sinclair, the manager of the Entity Companies Division, was replaced by Robert Puvogel, previously the manager of the Corporate Division at Banco Bice.Marcelo Clemente replaced Sergio Mierzejewsk in the Operations Division,Alice Martins succeeded Matías Morales in the Digital Division,and Trinidad Justiniano took over from Daniela Rosas in the Culture Division. With the exception of Justiniano, all new appointees hail from Banco Bice.

Several executives from the previous Banco Security governance remain in their positions, including Paulina Las Heras (Banking Division), alberto Oviedo (Risk Division), Manuel Widow (Planning and Management), and Paulo Melo Galvao de Almeida (strategy and Conversion).

Banco Bice’s Structure

Banco bice’s senior management structure is currently led by Alberto Schilling, who oversees seven executives. A notable addition is Francisca Jünemann Larraguibel, who joins as the manager of the Personal and Culture Division. Jünemann Larraguibel,previously with Security,holds a degree in commercial engineering and a master’s in strategic human resources and organizational behavior.

Looking Ahead

The integration of Grupo Security by Bicecorp will create a holding company with consolidated assets exceeding $34 billion and a market share of 6.9% in gross placements.