Alvaro Saieh Bendeck’s profile picture

Alvaro Saieh Bendeck

Alvaro Saieh Bendeck’s profile picture
Net worth 2018: $3.18 Billion
Residence: Santiago, Chile
Country: Chile
Children: 5
BIOGRAPHY

Alvaro Saieh Bendeck was born in Santiago, Chile, Chile. Alvaro Saieh Bendeck is #740 in List Billionaires People In The World. 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.

NET WORTH STATISTIC
2013

$3 Billion

2014

$1.9 Billion

2015

$2.5 Billion

2016

$2.2 Billion

2017

$2.5 Billion

2018

$3.18 Billion

TIMELINE
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

2016

Since 2016 this company owns its first hotel in Chile, the City Express Santiago Airport

2014

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

2011

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

2007

In 2007 the Saieh family purchased Unimarc supermarkets, entering the retail business

2002

Founded in 2002, Fundación CorpArtes objective is to promote the arts and improve the access to it through transformative cultural experiences

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

1990

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

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

1976

Later, he attended The University of Chicago, where he pursued a master´s degree in arts (1976) and a PhD in economics

1973

In 1973 he started a postgraduate degree in Economics at the same university

1972

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

1949

September 14, 1949 (age 67) Villanueva, ColombiaThe University of ChicagoÁlvaro Saieh was born on September 14, 1949, in Villanueva (La Guajira), Colombia

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