Council Member, Chile
Chairman and Director, CorpBanca
Member Since: 2011
- Water Security
- Santiago Water Fund
Alvaro Saieh, a businessman and economist, is president of the Chile-based company CorpGroup Holding which has investments in retail, finance, real estate, and media. In his early career, he held various public sector positions including advisor to the Ministry of Housing and Public Works and head of research for the Chilean Central Bank.
In the private sector, Alvaro led an investor group in the acquisition of Banco Osorno and La Unión in the 1980s and grew AFP Provida into the largest pension fund in Chile in the 1990s. In 1995 he acquired CorpBanca and successfully restructured it, more than doubling market share to 8 percent and achieving a market capitalization of $3.650 billion. In December 2011, in a deal representing Chile’s largest international investment, CorpBanca acquired Banco Santander Colombia for $1.2 billion.
In life insurance, Alvaro spearheaded CorpGroup’s acquisition of CorpVida and Corpseguros which together have a 17 percent market share. In the media sector, he has built Copesa, one of Chile’s most influential media holding companies with six radio stations and seven newspapers and magazines. Through several mergers and acquisitions in the late 2000s, Alvaro also built SMU, the third largest supermarket chain in Chile.
Alvaro has been awarded over 20 national and international awards for his business accomplishments and his great contribution to economic growth in Chile and the region. In 2005, the University of Chile named Alvaro Professor Emeritus in honor of his 35 years of service.
Alvaro and his wife live in Santiago, Chile and have five children.