Alvaro Saieh Bendeck

About Alvaro Saieh Bendeck

Birth Place: Santiago, Chile, Chile

Alvaro Saieh Bendeck Net Worth

Alvaro Saieh Bendeck was born in Santiago, Chile, Chile. Alvaro Saieh Bendeck owns about 30% of Itau CorpBanca, a bank born out of the 2016 merger between Brazilian financial titan Itau and Chilean firm CorpBanca. Saieh Bendeck built Corpbanca after buying Chile's Banco Concepcion in 1995. Corpbanca, in which Saieh Bendeck held a majority stake before the fusion, acquired Banco Santander's Colombian unit in 2012. In 2016, Saieh sold his stake in insurance companies CorpSeguros and CorpVida. He also serves as the president of SMU, a Chilean supermarket chain in which he is a major stakeholder. In 2013, Saieh invested $300 million in the company, which has been struggling in recent years due to integration problems following more than 70 acquisitions; SMU went public in January 2017. He also owns the Grand Hyatt hotel in Santiago, Chile.
Alvaro Saieh Bendeck is a member of Finance and Investments

💰 Net worth: $3.2 Billion (Updated at 22 June 2018)

2013 $3 Billion
2014 $1.9 Billion
2015 $2.5 Billion
2016 $2.2 Billion
2017 $2.5 Billion
2018 $3.18 Billion

Biography/Timeline

1949

Álvaro Saieh was born on September 14, 1949, in Villanueva (La Guajira), Colombia. Of Palestinian ancestry, his parents are Chilean José Saieh and Colombian Elena Bendeck.

1972

At the age of three his family moved to Talca, Chile, where they started Casa Saieh, a family Business that offered from electrical appliances to clothing. In this city, he started his education, finishing high school at Liceo Abate Molina. At 17 years old he moved to Santiago to pursue a degree in commercial engineering at Universidad de Chile, from which he graduated in 1972. In 1973 he started a postgraduate degree in Economics at the same university. Later, he attended The University of Chicago, where he pursued a master´s degree in arts (1976) and a PhD in economics.

1980

In the 1980s Álvaro Saieh started his Business activity, acquiring -along with other Investors of Arabic roots, including Carlos Abuhomor- the Banco Osorno y la Unión. During the 1990s he also acquired AFP Provida, currently one of the leading pension fund managers in Chile; then, during the same decade, he sold both companies to international groups.

1995

These first operations were followed by the acquisition, in 1995, of the Banco Concepción, a bank that presented a negative equity and an important subordinated debt to the State. In less than 10 years Saieh would transform it into Chile's fourth largest private bank, now known as Corpbanca.

2002

Founded in 2002, Fundación CorpArtes objective is to promote the arts and improve the access to it through transformative cultural experiences. In the last years, it has managed initiatives in the fields of literature, visual arts, theater, music, and film, including the organization of the International Film Festival of Santiago (SANFIC). In 2014 was inaugurated the Centro de las Artes 660, a cultural space that has a multipurpose theater room, a sculpture garden and three visual arts exhibit halls.

2007

In 2007 the Saieh family purchased Unimarc supermarkets, entering the Retail Business. This marked the beginning of SMU, the third supermarket chain in Chile and the one with the largest national coverage. SMU operates with wholesale chains (Alvi and Mayorista 10), convenience stores (Ok Market), supermarkets (Unimarc), and a hardware chain (Construmart). SMU is also present in Peru, through Mayorsa supermarkets.

2010

Fundación Descúbreme was created in 2010.Its mission is to promote the integral inclusion of people with cognitive disabilities. Born from the initiative of the Sociedad Educacional Colegio El Golf S.A. and Tacal, Mírame y Amigos por Siempre foundations, Fundación Descúbreme conducts awareness campaigns, job inclusion, and social projects.

2011

This institution gradually grew up, entering the global market with operations in several countries of Latin America, such as Peru, Argentina and Colombia, and opening offices in Madrid and New York City. Within this process of growth, in 2011 CorpBanca made the largest investment of a Chilean company abroad, acquiring Banco Santander Colombia in an operation close to US $1.2 billion. Later, Saieh acquired Helm Bank, transforming CorpBanca Colombia into the fifth private bank of the country.

2016

CorpGroup also owns 50% of stake in a partnership with the Mexican group City Express. Since 2016 this company owns its first hotel in Chile, the City Express Santiago Airport.

2017

During 2017 two major projects are also expected to materialize: Mall Vivo Coquimbo and Mall Vivo Imperio, in addition to the construction of Mall Vivo Santiago.

2019

Some of the holding’s companies that provide backoffice services to other enterprices of the group are: Aeronest SA, Corp Imagen y Diseño SA, Corp Research SA, CorpGroup Holding Ltda., Hotel Corporation of Chile SA, Inmobiliaria Edificio CorpGroup SA, CorpGroup Interhold SPA, Inversiones HSG SA and Punto H S.A.