BICECORP, a Chile-based financial holding company, agreed to merge with Grupo Security, a Chile-based company primarily engaged in the banking sector, in a $1.25bn deal. After signing the business closure agreement, Grupo Security’s Chairman, Renato Peñafiel, and BICECORP’s Chairman, Bernardo Matte, emphasized the tremendous complementarity between the two companies and the opportunities for value creation and business growth that this partnership poses for their shareholders, clients and employees.