Banco Falabella is preparing for further expansion in Mexico and a full rollout of artificial intelligence technologies, as part of its 2026 strategic plan. The bank marks 45 years since the launch of its CMR credit card, which has played a central role in both Falabella Group’s retail and financial growth.
Since the CMR card was introduced in Chile in 1980, it has been pivotal to the group’s entry into banking, leading to Banco Falabella’s establishment in 2010. Over time, the bank has expanded into Peru and Colombia through Banco Falabella and Seguros Falabella, as well as entering Mexico via a partnership with Soriana for credit cards.
Banco Falabella currently serves 8.1 million active customers across Chile, Peru, and Colombia. Its portfolio grew by 10% year-over-year to US$7.3 billion by the second quarter of 2025. Credit cards and accounts increased by 15%, with 759,000 new openings from January to June compared to the first half of 2024.
“It’s not just a significant volume, but also growth well above the regional market, which we interpret as a sign that customers value our offering,” said Juan Manuel Matheu, Banco Falabella’s Corporate CEO. He noted a 17% increase year-over-year in credit and debit card purchases, totaling US$26.2 billion over the past year.
“We came out of 2024 with strong profitability in Chile, Peru, Colombia, and Mexico. In 2025, we saw substantial improvement, along with a greater focus on growth. This year, we achieved both: reigniting growth and profitability,” Matheu said.
By the end of this year, Matheu expects “very good levels of profit across all business units, with strong results, growth, and customer satisfaction.” However, he cautioned that comparisons will be more moderate later in the year due to already strong profits seen during the second half of last year.
“The profitability of our businesses is a result of a value proposition that is both digital and complemented by all the benefits offered by the Falabella Group and our partnerships, which resonate well with customers. That’s why our businesses are increasingly healthy,” he said.
In Chile specifically, Banco Falabella holds leading positions: as of June it had 4.3 million active payment customers (CMR debit or credit), was the largest issuer of credit cards at over 2.7 million (30.5% market share), ranked second for credit card purchases (21.2%), third for debit card purchases (13%), and led checking accounts with three million accounts (24.9% market share) as of July.
Local operations reported profits of US$153 million in H1 2025—a rise of more than half compared to last year—with plans to maintain this momentum throughout the year.
Product innovation includes integrating Falabella.com marketplace features into its app; launching products like CMR with Guarantee—a prepaid deposit system designed to expand access—and introducing digital savings indexed to UF (Unidad de Fomento). Other services now include expanded financing for businesses selling on Falabella.com and free international remittances.
Banco Falabella attributes much of its recent growth beyond industry averages to digital transformation efforts expected to accelerate further next year: “We expect this to be the year we truly begin to capitalize on all the work we’ve done in generative AI and personalization especially in the area of benefits,” Matheu said.
In Peru—where CMR entered in the 1990s—the bank has grown its customer base to 1.7 million while quadrupling profits during H1 2025 to US$27.9 million.
Colombia also saw improved performance: profits reached US$16.2 million by June after recording losses around US$5 million during the same period last year.
Matheu expects “accelerated growth in placements in both markets during the second half of the year compared to the first.”
In Mexico—where operations focus on credit cards through Soriana—the loan portfolio stands at about US$350 million after several years’ double-digit percentage growth rates; digital consumer loans were added this year; profits tripled from last year’s level reaching US$13.9 million by June.
The next step for Banco Falabella’s Mexican business involves seeking regulatory approval for conversion into a Sociedad Financiera Popular (Sofipo), enabling it to offer accounts and debit products alongside insurance services once authorized—an approval expected by mid-2026 according to Matheu: “We’re applying for the license to transform our company into a Sofipo, and we’re preparing in terms of systems management structure corporate governance—doing everything necessary to obtain approval by mid-2026.”
