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Salvador Said Somavía is the new president of Scotiabank Chile, the company reported on Thursday after a board session, in which he was unanimously elected.
Until now, Said Somavía was part of the board of directors, which he joined in August 2018, when the merger of BBVA Chile with Scotiabank Chile was approved.
Thus, in accordance with the provisions of the shareholders’ agreement between Scotiabank and the Said family, Salvador Said replaces his father José Said Saffie, who died on July 23.
Some years ago José Said, a law graduate from the University of Chile, had delegated responsibility for family businesses to his son Salvador.
Said Somavía’s career in banking began in the 1980s, when at the age of 21 he took over as director of Banco BHIF. Two decades later, he continued on the board of directors of BBVA Chile, where he actively participated in the merger and integration of the latter with Scotiabank Chile.
Currently, outside the banking sector, he is the executive director of the Said group and a member of the boards of Coca-Cola Andina SA, Parque Arauco SA and Energía Llaima SA
In addition, it participates in different non-profit organizations, such as Endeavor Chile and the Centro de Estudios Públicos (CEP).
Additionally, a historical member of the industry will join the bank’s board of directors: the former president of BancoEstado and former general manager of Banco de Chile, Arturo Tagle Quiroz, who was proposed by the Said Somavía family and elected by all members as the new member of the Scotiabank Chile board of directors.
Tagle, who left the state entity when Sebastián Sichel took office after leaving the Ministry of Social Development, is a commercial engineer from the Pontificia Universidad Católica de Chile and a master’s degree in business administration from the University of Chicago. In addition to having been the chief executive of Banco de Chile for six years and president of the state bank between March 2018 and June of this year, he has participated in the tables of Banchile Securitizadora SA, Socofín SA, Banchile Corredores de Seguros Limitada, Banchile Asesoría Financiera SA, and Banchile Administradora General de Fondos SA
Following these appointments, the Board of Directors of Scotiabank Chile was composed of: Salvador Said Somavía (Chairman), Manuel José Vial (Vice Chairman), Jaime Said Handal, Ignacio Deschamps, Ernesto Mario Viola, Gonzalo Said Handal, Sergio Concha, Emilio Deik, Karen Ergas , Fernanda Vicente and Arturo Tagle. Juan Antonio Guzmán and Guillermo Mackenna remain as alternate directors.
The country head and CEO of Scotiabank Chile, Francisco Sardón, said that “we are very pleased with the appointment of Salvador as chair of the board of directors, who has been a great support for the management of the administration and, in the new role that he assumes it will be key to the bank’s future growth challenges. Likewise, the appointment of Arturo Tagle, whom I have known for several years, adds to our board of directors great knowledge and experience. We are sure that it will be a great contribution to Scotiabank Chile ”.
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