72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.

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We attained significant advancements while taking the first steps in the development of a new commercial platform, which is intended to be our main sales platform while becoming a comprehensive customer relationship management system, with a customer-centric vision. This initiative was enhanced by the implementation of four new specialty branches serving this sub-segment.

These alliances allow our customers to redeem their credit card points gained through credit card usage sbs purchase flight tickets or miles at special prices.

Lines of credit and other loans. Similarly, cigcular implemented initial stages of various technological projects to support commercial activities while reinforcing operational excellence and security in internet-based transactions.

Major Shareholders and Related Party Transactions. Accordingly, we strive to develop a distinctive culture among our employees by promoting: SM-Chile shareholders will have a right of first refusal with respect to that sale. Any of the following risks, if they actually occur, could materially and adversely affect our business, results of operations, prospects and financial condition.

Vss of the aforementioned investments have been or will be made in Chile. This launch required us to migrate more thancustomers to this new system. Accordingly, we aim to become a productive and efficiency-oriented organization in all business aspects by developing simple, effective, secure and low-cost processes while maintaining the tightest cost control in the industry. Treasury and Money Market Operations. Banco CrediChile previously offered its customers traditional demand accounts each known as a Circularr Demand Account that entitled its holders to receive payroll deposits, withdraw money from ATMs and perform basic purchasing transactions.

Additionally, in recent years the Chilean government has focused on consumer protection.

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Ratio of liabilities to regulatory capital 7. Although we have historically been focused on wholesale banking, over the last five years we have reoriented our commercial strategy to increase penetration of the retail banking segment while maintaining our market-leading position in wholesale banking. Leasing contracts are financial leases for capital equipment and property. Operational problems, errors, criminal events or terrorism may have a material adverse impact on our business, financial condition and results of operations.


Brand Recognition and Strong Corporate Image. In we launched a new website for personal banking, which allows our customers to conduct most of the traditional banking transactions they would have normally executed at our branches. Proceeds from subordinated bonds were intended to finance long-term assets while bolstering our Tier 2 capital ratio.

As a result, net interest margins once deducted provisions for loan losses in these sub-segments are likely to decline over time. Any of these factors could have an adverse effect on our liquidity, results of operations and financial condition. In addition, Banco CrediChile carries out rigorous procedures for the collection of past-due loans through Socofin S. Currently, we cannot assure you that future changes in financial accounting and reporting standards will not substantially affect our results of operations or performance indicators, as we do not know the extent of future standards.

As a result, our risk-index ratio allowances for loan losses to total loans decreased from 2. Accordingly, the portfolio of residential mortgage loans financed with Mortgage Bonds is expected to have increasing gross credit risk ratios over time until its expiration, because the portion of non-performing loans becomes higher as long as responsible borrowers terminate their liability with the bank.

Unless otherwise indicated, the financial information included in this annual report with respect to,and has been derived from financial statements that have been prepared in accordance with IFRS.

We aim to satisfy the expectations of the following stakeholders by: We believe that our high service quality is a competitive strength that differentiates us from competitors and supports our long term strategy by responding to the preferences of our current and potential customers.

Even though the Central Bank is authorized to carry out its transactions at the rates it sets, it generally uses the spot rate for its transactions.

We also enhanced several processes by streamlining management documentation and form fulfilment to improve customer experience. We may decide to change our policy regarding exchange rate mismatches.

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In many cases, we include a discussion of the factors that are most likely to cause forward-looking statements to differ from actual results together with the forward-looking statements themselves. Over the last decade, we have also promoted the expansion of Mutuos Hipotecariosa mortgage lending product, which is not financed by mortgage finance bonds, but instead through our general funds. Our Treasury and Money Market Operations business segment provides a wide range of financial services to our customers, including currency intermediation, forward contracts, interest rate swaps, transactions under repurchase agreements and investment products based on bonds, mortgage finance bonds and deposits.


The above mentioned developments contributed to an increase in loan balances managed by our retail banking segment of approximately 8.

The Treasury and Money Market Operations business segment is also responsible for: These requirements are related to: Inwe devoted our efforts to developing technological solutions to provide our customers with better services while improving the performance of our primary systems and operating processes.

We believe that cash management and payment service contracts provide us with a source of low cost deposits and the opportunity to cross sell our products and fees to payees, many of whom maintain accounts with us. Non-residential mortgage loans granted to individuals and small and medium sized companies are loans intended to finance the acquisition of offices, land, facilities and other real estate assets.

Shares of common stock: Our Consumer Finance Division focuses on developing and marketing innovative and customized products targeted to satisfy the needs of its customers while introducing them to the banking system. The Offer and Listing. Consequently, we have been focused on optimizing the profitability in this segment by enhancing our cross selling through the generation and enhancement of fee-based services, such as payroll processing, dividend payments and billing services, as well as computer banking services.

For this reason, we are constantly striving to develop and utilize improved scoring and approval models while strengthening our collection procedures in order to mitigate the risks associated with this business growth.

Shares of common stock, without nominal par value. Additionally, we believe that our merger with Citibank Chile reinforced our corporate image as a leading financial institution within Chile and allowed us to gain recognition among customers and investors all over the world. In this regard, was a record year for this division, which attracted 88, new customers or current account holders.