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The bank was officially incorporated on August 10, 1998, after the shareholders' meeting of ING Bank (Chile) S.A. decided to change the name of the company to Banco Falabella, thus maintaining the banking license to operate within Chilean territory.
Falabella S.A. is a Chilean multinational company.It is the largest retail company in Chile followed by Cencosud and one of the largest in Latin America. It operates its flagship Falabella department stores in addition to Mall Plaza shopping centers, Tottus hyper & supermarkets, Banco Falabella banks, and Sodimac home improvement centers.
BancoEstado is regulated mainly by the provisions of the Organic Law of the Bank of the State of Chile (Ley Orgánica del Banco del Estado de Chile), which defines the bank as an autonomous state-owned company with separate legal personality and its own assets, supervised exclusively by the Bank and Financial Institution Board (Superintendencia de Bancos e Instituciones Financieras).