The Chilean financial group Bci is entering a new chapter as its president, Luis Enrique Yarur Rey, hands over the chairmanship of the board to his son, Ignacio Yarur Arrasate, after 33 years in the role. This transition also brings changes to the Yarur family holdings—Empresas Juan Yarur and Empresas JY—and the Bci Asset Management fund manager.
The firm announced the leadership change in a filing with the Financial Market Commission (CMF), noting that Luis Enrique Yarur will remain a member of the board. This shift is part of a succession plan aimed at securing the firm’s future. The change—pending shareholder approval at the next annual meeting—will take effect on January 1, 2025.
Ignacio Yarur, a 50-year-old lawyer, has been part of the family company since 2004, following his tenure at the legal firm Carey y Cia. During his 20 years with the bank, he has held various roles, leading key areas such as retail banking, wholesale banking, private banking, digital transformation, the fintech MACH, innovation, and data analytics. He also spent a year at City National Bank of Florida, Bci’s U.S. subsidiary.
“His leadership has been marked by initiatives in innovation, the deployment of new technologies, and data analysis as key business drivers. Ignacio Yarur served on the board from 2010 to 2011 and will rejoin it on January 1, 2024,” the firm highlighted in a statement.
Ignacio Yarur praised his father’s leadership, stating: “When he took over as chairman, this was a small bank in a small country. He made it grow multiple times over, transforming it into a company recognized for its reputation and as a great place to work.”
He emphasized the bank’s “successful internationalization and digitization process,” which has helped it surpass 6 million clients.
Bci operates in Chile, the United States—where it has acquired City National Bank of Florida, Totalbank, and Executive National Bank—and Peru, with representative offices in Brazil, Colombia, Mexico, and China. Today, 37% of Bci’s assets are located abroad, mainly in the U.S. and Peru.
Under Luis Enrique Yarur’s leadership, which began in 1975, the bank experienced exponential growth: profits increased 58 times, assets 66 times, loans 73 times, staff 4 times, and equity 99 times.
The Yarur family holding companies are also undergoing transitions. The presidency of the board has been passed to another of Luis Enrique Yarur’s sons, Diego Yarur Arrasate.
Currently serving as Corporate and International Development Division Manager at Bci, Diego Yarur will leave his position on January 1, 2025, to lead the family business. He will head both the financial arm, Empresas Juan Yarur, which controls the bank and its subsidiaries, and the non-financial arm, Empresas JY, which oversees assets like Salcobrand Pharmacies and Viña Morandé.
Luis Enrique Yarur will remain a board member of both entities.
In his new role, Diego Yarur, a 48-year-old commercial engineer with 18 years of experience in the financial sector, aims to “continue fostering a strong business culture centered on people, a hallmark of the Yarur family, while driving a strategy focused on innovation and advanced technology,” the bank stated.
Before joining Bci in 2006, Diego Yarur worked as a corporate finance analyst at American Express Bank and Santander Investment. Since 2016, he has led Bci’s Corporate and International Development Division.
A few days prior to these announcements, Bci revealed changes to the board of its Chilean asset management arm, Bci Asset Management (BAM).
Pedro Atria and María Eugenia Norambuena have joined as president and director, respectively.
Both bring extensive experience in the local financial industry. Atria spent a decade at AFP Cuprum, serving as president and CEO, as well as president of the Association of AFPs of Chile and Country Head of Principal. Norambuena has over 20 years at Principal Group, where she held roles including COO and general manager of Principal Vida Insurance.
These appointments aim to “strengthen BAM’s corporate governance” and follow the resignations of Abraham Romero and Gerardo Spoerer, the company announced in a press release.
For Gabriela Huerta