In 1993, the main shareholders of what was then Banco BHIF, the Massu and Said groups, anticipated the potential of the factoring product in our country and decided to create Bifactoring S.A. In 1996, this entity also began to offer international factoring services to complement its domestic factoring offering and participated in the creation of the Chilean Factoring Association (Asociación Chilena de Empresas de Factoring, “ACHEF”), of which it continues to be a member.
In 1999, the Company’s name was changed to Factorline S.A. In 2002 Factorline S.A. was registered in the Securities Registry of the Securities and Insurance Superintendence (Superintendencia de Valores y Seguros, “SVS”), now the Financial Market Commission (Comisión para el Mercado Financiero, “CMF”), and began to comply with the standards and procedures required for publicly-held corporations. In October 2002, the Company became the first Chilean company to register a commercial paper for Ch$ 7,000 million (~US$ 11 million).
In 2004, to achieve greater development, the Company obtained its first funding agreement with an international organization, the Inter-American Development Bank, through the Inter-American Investment Corporation (“IIC”). Later on, in 2005, the Company created its Auto-Financing Division and the first commodities brokerage firm in Chile. In 2007, the Company formed its Leasing Division and placed its first bond issuance in the local market. That same year, the Massu Group acquired the interest held by the Said family and became the Company’s controlling shareholder; simultaneously, the International Finance Corporation (“IFC”) acquired a 17% stake.
In 2010, the Company acquired Gestora Tanner SpA in order to continue expanding its service offering. The subsidiary was the original owner of Tanner & Cía. Corredores de Bolsa, which was founded in 1924 and has been a member of the Santiago Stock Exchange since its inception. In 2011, the Company formed its insurance brokerage subsidiary as a complement to its Auto-Financing and other business units. Later that year, taking advantage of Tanner’s track record and brand recognition as one of Chile’s most traditional brokerage firms, Factorline S.A. changed its name to Tanner Servicios Financieros S.A.
At the end of 2012, the organization received an international investment grade rating from Standard & Poor’s and Fitch Ratings (“BBB-“) when it placed a US$ 250 million international bond. At the end of that year, the Company raised US$ 200 million of equity from Capital Group in exchange for a 27% stake in the Company. Capital Group is a global asset manager with over US$ 1,400 billion in managed assets.
In 2015, Tanner placed a 21-year bond with a 10-year grace period (W series), which was the longest-term financial instrument ever placed on the local market by a non-banking financial institution.
In May 2016, the Company secured a loan from the IFC (World Bank) for US$ 84 million and in December 2016, it secured another loan from DEG for US$ 40 million. In addition, in October 2016, a three-year bond was placed for CHF 150,000,000 (~US$ 150 million), which was subscribed by more than 50 investors and made Tanner the first Chilean company (other than banks and state-owned enterprises) to place a bond on the Swiss market.
In January 2017, the subsidiary Tanner Asset Management Administradora General de Fondos S.A. commenced operations, with the purpose of distributing third-party funds. Later that year, the Company issued a 3-year bond in Switzerland for CHF 100 million and completed the first U.S. dollar-denominated commercial paper issuance in the domestic market.
Tanner Servicios Financieros S.A., previously known as Bifactoring S.A., was established in April 1993 by the main shareholders of what was then Banco BHIF (Said and Massu groups).
In 1996, Bifactoring was admitted to Factors Chain International (“FCI”), the largest global association of factoring companies (247 members in 66 countries), and in 1999 the Company became a “Full Member” of FCI.
On December 30, 1999, the Company’s name was changed from Bifactoring S.A. to Factorline S.A.
2002 - 2010In June 2002, the Company was registered in the Securities Registry of the Securities and Insurance Superintendence, now Financial Market Commission, and began to comply with standards and procedures required for publicly-held corporations.
In October of that year, Tanner became the first Chilean company to register a line of commercial papers for Ch$ 7,000 million (~US$ 11 million), under the new provisions of the Capital Markets Law and CMF regulations.
In order to diversify the Company’s product portfolio, the Auto-Financing Division was created in 2005 to finance vehicle purchases by individuals and companies.
In May 2004, Tanner Servicios Financieros S.A. entered a foreign currency funding agreement with the Inter-American Investment Corporation (“IIC”) of the Inter-American Development Bank (“IADB”).
Continuing with its product portfolio diversification strategy, in November 2005, the Company registered Tanner Corredores de Bolsa de Productos S.A., a subsidiary of Tanner Servicios Financieros S.A., with the CMF, making it the first commodity broker in Chile.
In March 2007, the Said family sold its interest in the Company to the Massu family through Inversiones Bancarias S.A. In addition, a capital increase was approved through which the International Finance Corporation (“IFC”), a member of the World Bank Group, purchased a shareholding interest in the Company.
In August of that same year, the Company completed its first bond issuance on the local market for Ch$ 20,000 million (~US$ 33 million) and in November it created its Leasing Division, which targets the SME segment.
In December 2010, Gestora Tanner SpA was acquired, making the Company the new owner of Tanner Corredores de Bolsa S.A. In early 2011, the subsidiary Tanner Corredora de Seguros Limitada began operating.
In December 2011, the Company’s name was changed from Factorline S.A. to Tanner Servicios Financieros S.A.
The Massu family increased its stake from 55.66% to 70.61% in 2012 by acquiring 85% of the shares held by the IFC.
In 2012, the Company was given an international investment grade rating by Standard & Poor’s and Fitch Ratings (“BBB-”).
In March 2013, Tanner Servicios Financieros S.A. placed a five-year international bond for US$ 250 million and in October of that same year, the Company completed a capital raise of US$ 200 million through which Capital Group purchased a 27% stake in the Firm.
In August 2015, the Company placed 21-year bonds with a 10-year grace period (W series), which was the longest-term instrument ever placed on the local market by a non-banking financial institution.
In May 2016, the Company secured a loan from the IFC (World Bank) for US$ 84 million and in December 2016, it secured another loan from DEG for US$ 40 million. In addition, in October 2016, a three-year bond was placed for CHF 150,000,000(~US$ 150 million), which was acquired by more than 50 investors and made Tanner the first Chilean company (other than banks and state-owned enterprises) to place a bond on the Swiss market.
In January 2017, the subsidiary Tanner Asset Management began operating, with the purpose of distributing third-party funds to complement the Company’s listed products. In September, a 4-year bond was placed in the local market for UF 1.5 million (~US$ 65 million), and in October, a 3-year bond was placed in Switzerland for CHF 100 million. Additionally, in 2017, the Company also completed the first issuance of U.S. dollar-denominated commercial paper in the local market, after the approval of a US$ 80 million line.