Álvaro Saieh is a Colombian businessman who has lived in Chile since early childhood and is the owner of Corp Group, a conglomerate focused on real estate, hospitality, communications, and—most importantly—finance.
An economist by profession, Saieh was born in Colombia on September 14, 1949, but spent his entire life in Chile and has Palestinian roots through his family. Now 74 years old, he was ranked among the top five most powerful men in Chile just a few years ago.
The first 30 years full of learning and studies
The Saieh family spent most of their lives in Chile, where Álvaro completed his early education, finishing high school at 17.
He moved to Santiago, the capital of Chile, to study engineering, a degree he completed three years later. That was his first academic milestone, followed the next year by a postgraduate program focused on economics.
By the time he turned 30, he moved to the United States to pursue a master’s in economics at the University of Chicago. These were his formative years, dedicated to learning about finance.
During this time, he also served as Dean at an American university specializing in finance and management. In 1976, he returned to Chile to work at the Central Bank. It was there that his name started gaining recognition—a crucial step forward.
In 1980, his entrepreneurial journey began when he joined and acquired shares in Banco Osorno y la Unión, a historic Chilean bank. Simultaneously, he was involved in other companies, gaining hands-on experience.
The beginning of his business career
Before the 1990s, Álvaro Saieh and Arab investors ventured into newspapers and the media sector. Within months, Saieh had acquired more than half of the shares of Copesa.
He not only expanded Copesa but also used it to acquire smaller media and newspaper companies. He later sold Banco Osorno y la Unión, which earned him significant financial returns.
During this period, he also became a stakeholder in various universities and investment funds, opening many doors in the financial sector.
Corp Banca and Corp Group
The acquisition of Corp Banca in 1995 marked a turning point in Saieh’s business trajectory. Within a few years, he had reshaped the bank’s structure and profitability, forming a private conglomerate that consolidated multiple companies.
Through Corp Banca, Corp Group was born—a holding company comprising services in telecommunications, finance, and hospitality. A holding refers to a group of companies operating under a single umbrella both nationally and internationally.
In the 2000s, Corp Group expanded into several South American countries and Europe. Saieh rebranded the bank as Itaú CorpBanca, combining Brazilian and Chilean roots, which became one of the most important organizations in the country.
One of the most strategic moves was the merger between Corp Banca and Itaú in Brazil, triggering exponential growth in Chile and revenue from across South America.
Beyond finance, Corp Group and Saieh made a surprising move into the retail sector by investing in supermarkets. The family acquired Unimarc and turned it into one of Chile’s most prominent supermarket chains.
Unimarc, later renamed SMU, also began operations in Peru.
Finally, Saieh expanded into the real estate sector, creating VivoCorp, the same brand name used across the other companies under Corp Group.
Shopping centers, malls, and key investments became trademarks of the Colombian family living in Chile, where they conducted most of their business.
Current status and Saieh’s foundations
As mentioned, the Saieh family explored and invested in nearly every sector. One of their foundations, established in 2002, is dedicated to art and culture, promoting access to literature, film, and other cultural content for Chileans.
Another foundation was created to address cognitive disabilities in Chile. Its central focus is education and aims to improve the cognitive abilities of children, adolescents, and adults.
In 2018, Forbes—the magazine that ranks the world’s top billionaires—named Álvaro Saieh the fourth wealthiest person in Chile and placed him among the top 1,000 globally.
Thanks to the rise of Corp Group, through bank acquisitions, real estate, and supermarkets, the Colombian businessman built a powerful holding and made a lasting impression on Chile and all of South America.