Banco Santander-Chile (SAN)

Banco Santander Santiago (SAN), previously known as Banco Santander-Chile, is the largest private bank in Chile (total assets of Ch$18,223 billion or US$36.8 billion at yearend 2007) and is 77% owned by Banco Santander Central Hispano, the largest bank in Spain. The company, formed by the 2002 merger between the former Banco Santander-Chile and Banco Santiago, offers both corporate and retail banking to its client base, and has roughly a 25% market share in loans and deposits. The bank provides a full range of financial services to corporate and individual customers through two major business units: Retail Banking and Wholesale Banking. Banco Santander Santiago offers Chilean peso and foreign currency-denominated loans (which finance a variety of commercial transactions), trade financing, foreign currency forward contracts, credit lines, and retail banking services, such as mortgage financing. In addition to its traditional banking operations, Santander extends a range of financial services, including financial leasing, financial advisory services, mutual fund management, securities brokerage, insurance brokerage, and investment management. The bank's clientele varies from large corporations to lower middle-class individuals.

In 2007, 87% of net revenue (total revenue less interest expense) of Ch$947 million (US$1.9 billion) was generated from interest-bearing sources, while the remaining 13% of net revenue came from fee-based and other non-interest sources. Santander, the largest bank in Chile in terms of total deposits and loans, also boasts of the largest distribution network in the country with 467 branches and 2,004 ATMs at yearend 2007. As of December 31, 2007, Santander's total asset base stood at Ch$18,223 billion (US$36.8 billion), total deposits at Ch$10,821 billion (US$21.8 billion), loans outstanding net of reserves at Ch$13,469 billion (US$27.2 billion), and shareholders equity at Ch$1,438 billion (US$2.9 billion). Santander is the highest credit-rated Latin American bank. Currently, Santander s credit ratings are A+ by Standard & Poor's (upgraded from A in December 2007, following an upgrade on the Republic of Chile), A+ by Fitch, and Aa3 by Moody's (upgraded in 2007 from A2 following a change in rating methodology).

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