Osvaldo Adasme (60 years old) is described by everyone who knows him as an eminently technical person. The commercial engineer from the University of Chile currently serves as the general director of prudential supervision at the Commission for the Financial Market (CMF). He was chosen by the government of José Antonio Kast to fill the vacant position left by Catherine Tornel on the CMF board after she was promoted to president following the end of her predecessor Solange Berstein's legal term.
However, the Senate must approve his nomination, requiring a quorum of four-sevenths. The market's main concern is how Adasme will fit into the power dynamics of the CMF, particularly in a board that has recently been divided on significant decisions. Tornel is on one side, while the other commissioners—Beltrán de Ramón, Augusto Iglesias, and Bernardita Piedrabuena—are on the other.
Notably, the latter two will complete their terms in October. Most consulted believe that Adasme will not align with either faction, citing his profile and career as evidence. Former regulators, colleagues, and industry players describe him as a highly technical individual who has built nearly his entire professional life within the regulatory body, focusing primarily on banking supervision, but in recent years has also scrutinized the rest of the financial industry.
He is respected for his knowledge both in the financial sector and by those who have worked with him. Adasme is an alumnus of the National Institute and emphasizes adhering to the school's motto, "labor omnia vincit" (work conquers all). He is demanding at work, focused on achieving goals while maintaining collaborative and direct engagement with the teams he leads, which currently includes around 180 professionals.
He joined the former Superintendency of Banks (Sbif) in 1990 at the lowest salary grade and gradually gained recognition…
He has worked with eight superintendents of banks and two presidents at the CMF, maintaining high interaction with each CMF board. One of his former bosses was ex-superintendent Carlos Budnevich, who states, "His accumulated experience in prudential supervision provides a technical backing that is hard to dispute for his ratification in Congress as a CMF commissioner. " Budnevich adds, "Throughout his career, he has developed a solid technical performance in prudential supervision at the CMF, focusing on the comprehensive assessment of risks and capital adequacy of financial institutions.
His work has contributed to strengthening a more proactive approach to supervision, incorporating early signals of deterioration and promoting corrective measures before risks materialize. " An academic from the University of Los Andes also notes that "from an institutional perspective, his profile meets the expected requirements of a commissioner: independence of judgment, technical solvency, and deep knowledge of the financial system. His experience in identifying and supervising risks is a relevant asset for the proper functioning of the supervisory body.
" Another close acquaintance, former CMF commissioner Christian Larraín, who has known Adasme since 1992 when they both worked at Sbif, states, "Knowing his entire career, he must be one of the most knowledgeable people in Chile on the subject of supervision. When the merger occurred at CMF and Sbif was integrated, he took on the responsibility not only for banks but also for insurance and securities intermediaries. He is a very technical, very good professional, and very independent, so I believe he will be a great contribution to the functioning of the board.
" Within the CMF, it was well-received that, for the first time, a career official would join the board. One of his historical former colleagues, who was the general director of prudential regulation at the CMF and is now a partner at PwC, Luis Figueroa, asserts, "He is a great professional who undoubtedly possesses the experience and technical level required for that position. " Those who know him describe him as a man of few words.
He enjoys cinema and reading, "when time allows," Adasme notes when asked about his hobbies. The last books he read include "The Infinite in a Reed" by Irene Vallejo, "The Madman of God at the End of the World" by Javier Cercas, and "Nexus" by Harari. He has just started reading "The Tyranny of Chance" by Andrés Gomberoff.
He is also a supporter of Colo Colo and spends his vacations in La Serena, where for several years he went with his family to the Elqui Valley to stargaze. He is married and the father of two daughters.