Banco Santander-Chile (BSAC): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de la banca chilena, Banco Santander-Chile se erige como una institución financiera fundamental que navega por entornos externos complejos. Este análisis integral de la maja revela la intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que dan forma al posicionamiento estratégico del banco, revelando cómo las tendencias globales y la dinámica local se entrelazan para influir en su resiliencia operativa y potencial de crecimiento futuro. Sumérgete en una exploración esclarecedora de los desafíos y oportunidades multifacéticas que definen el ecosistema estratégico de Banco Santander-Chile.

Banco Santander -Chile (BSAC) - Análisis de mortero: factores políticos

La gobernanza democrática estable de Chile apoya las operaciones del sector bancario

El índice de estabilidad política de Chile a partir de 2023 fue de 0.62 (Banco Mundial), lo que indica un entorno político relativamente consistente. El país ha mantenido un sistema democrático desde 1990, con transiciones de poder pacíficas entre las administraciones.

Indicador de estabilidad política	Valor (2023)
Índice de estabilidad política	0.62
Clasificación del índice de democracia	24 a nivel mundial
Puntuación de efectividad del gobierno	0.75

Regulaciones gubernamentales que promueven la transparencia del sector financiero

El marco regulatorio financiero de Chile exige mecanismos de cumplimiento estrictos para las instituciones bancarias.

• Tasa de cumplimiento de las regulaciones contra el lavado de dinero: 98.5%
• Basilea III Requisitos de adecuación de capital: Totalmente implementado
• Puntaje anual de transparencia de informes financieros: 8.7/10

Políticas monetarias del Banco Central de Chile

El Banco Central de Chile mantuvo una tasa de interés de referencia del 8,25% a diciembre de 2023, influyendo directamente en las estrategias del sector bancario.

Indicador de política monetaria	Valor (2023)
Tasa de interés de referencia	8.25%
Objetivo de inflación	3% ± 1%
Crecimiento de la oferta monetaria	4.7%

Posibles cambios políticos que afectan el clima de inversión extranjera

El marco de inversión extranjera directa de Chile sigue siendo relativamente abierto, con Reformas constitucionales que pueden afectar las regulaciones de inversión.

• Influjo de inversión directa extranjera (2023): $ 12.3 mil millones
• Índice de protección de inversión extranjera: 0.85
• Cumplimiento de tratados de inversión bilateral: 100%

Banco Santander -Chile (BSAC) - Análisis de mortero: factores económicos

El crecimiento económico moderado de Chile que afecta el desempeño bancario

La tasa de crecimiento del PIB de Chile fue del 2.1% en 2023, con un crecimiento proyectado de 2.3% para 2024. El rendimiento del sector bancario se correlaciona directamente con estos indicadores económicos.

Indicador económico	Valor 2023	2024 proyección
Tasa de crecimiento del PIB	2.1%	2.3%
Tasa de inflación	3.8%	3.5%
Tasa de desempleo	8.6%	8.4%

Fluctuando los precios de los productos básicos que afectan la estabilidad económica nacional

Las exportaciones de cobre representan el 20.4% de las exportaciones totales de Chile, con un valor de mercado de $ 36.2 mil millones en 2023. La volatilidad de los precios afecta directamente la estabilidad económica nacional.

Producto	Valor de exportación 2023	Fluctuación de precios
Cobre	$ 36.2 mil millones	±15.7%
Litio	$ 2.8 mil millones	±22.3%

Cambios de tasa de interés por parte del banco central que influyen en las prácticas de préstamo

El Banco Central de Chile mantuvo su tasa de referencia en 8.25% en diciembre de 2023, impactando las estrategias de préstamos del sector bancario.

Métrica de tasa de interés	Valor 2023	Impacto en los préstamos
Tasa de referencia	8.25%	Restricciones de préstamos moderados
Tarifa de préstamo comercial	11.5%	Demanda de crédito reducida

Esfuerzos continuos de diversificación económica en el mercado chileno

Los esfuerzos de diversificación económica de Chile se centran en la tecnología, la energía renovable y los sectores de servicios, con las exportaciones de tecnología que crecen 7.2% en 2023.

Sector de diversificación	Crecimiento 2023	Valor de exportación
Exportaciones tecnológicas	7.2%	$ 4.5 mil millones
Energía renovable	12.5%	$ 2.1 mil millones

Banco Santander -Chile (BSAC) - Análisis de mortero: factores sociales

Creciente adopción de la banca digital entre la población chilena

A partir de 2023, la penetración de banca digital en Chile alcanzó el 87.4% entre los usuarios de Internet. Los usuarios de banca móvil aumentaron al 72.6% de la población bancaria total.

Métrica de banca digital	Porcentaje	Usuarios totales
Penetración de banca por Internet	87.4%	6.3 millones de usuarios
Usuarios de banca móvil	72.6%	5.2 millones de usuarios
Frecuencia de transacción en línea	58.3%	4.2 millones de transacciones mensualmente

Aumento de la demanda de inclusión financiera y servicios digitales

Las tasas de inclusión financiera en Chile mejoraron a 74.2% en 2023, con los servicios digitales que juegan un papel crucial en la expansión del acceso a los servicios bancarios.

Métrica de inclusión financiera	Valor
Tasa general de inclusión financiera	74.2%
Población no bancarizada	25.8%
Adopción de servicios bancarios digitales	68.5%

Cambios demográficos hacia consumidores bancarios más jóvenes y expertos en tecnología

Los consumidores bancarios chilenos de entre 18 y 35 años representan el 45.6% del total de usuarios bancarios, con un 92.3% preferir plataformas de banca digital.

Grupo de edad	Porcentaje de usuarios bancarios	Preferencia de plataforma digital
18-35 años	45.6%	92.3%
36-50 años	32.4%	76.5%
51+ años	22%	48.7%

Alciamiento de las expectativas del consumidor para experiencias bancarias personalizadas

La demanda del consumidor de servicios bancarios personalizados aumentó a 83.6% en 2023, y las recomendaciones impulsadas por la IA se volvieron cada vez más importantes.

Métrico de personalización	Porcentaje
Demanda de servicio personalizada	83.6%
Preferencia de recomendación impulsada por IA	67.4%
Interés de productos financieros personalizados	76.2%

Banco Santander -Chile (BSAC) - Análisis de mortero: factores tecnológicos

Inversión significativa en plataformas de banca digital y aplicaciones móviles

En 2023, Banco Santander-Chile invirtió 78.5 millones de dólares en iniciativas de transformación digital. El uso de la plataforma de banca móvil aumentó a 1.2 millones de usuarios activos, lo que representa un crecimiento anual del 22%.

Categoría de inversión digital	Monto de inversión (USD)	Crecimiento de los usuarios
Plataforma de banca móvil	42.3 millones	22%
Infraestructura bancaria en línea	36.2 millones	18%

Implementación de medidas avanzadas de ciberseguridad

Banco Santander-Chile asignó 24.6 millones de dólares a infraestructura de ciberseguridad en 2023. El banco informó una tasa de prevención del 99.7% contra posibles amenazas de seguridad digital.

Métrica de ciberseguridad	Valor
Inversión anual de ciberseguridad	24.6 millones de USD
Tasa de prevención de amenazas	99.7%

Inteligencia artificial y aprendizaje automático en el servicio al cliente

El banco implementó soluciones de servicio al cliente impulsado por la IA con una inversión de 15.4 millones de dólares. Las interacciones de chatbot aumentaron al 62% de las interacciones totales de servicio al cliente en 2023.

AI Métrica de servicio al cliente	Valor
Inversión en servicios de IA	15.4 millones de dólares
Porcentaje de interacción de chatbot	62%

Estrategias de integración de blockchain y fintech

Banco Santander-Chile comprometió 12.7 millones de dólares a estrategias de integración de blockchain y fintech en 2023. El banco estableció asociaciones con 7 nuevas empresas locales de fintech.

BLOCHCHAIN/MÉTRICA DE FINTECH	Valor
Inversión en blockchain	12.7 millones de USD
Asociaciones de inicio de FinTech	7 asociaciones

Banco Santander -Chile (BSAC) - Análisis de mortero: factores legales

Regulaciones bancarias estrictas por superintendencia financiera chilena

La Comisión del Mercado Financiero Chileno (CMF) impone requisitos regulatorios estrictos en Banco Santander-Chile. A partir de 2024, el banco debe mantener una relación mínima de adecuación de capital de 10.5%, con Buffers de capital adicionales del 2.5%.

Métrico regulatorio	Requisito	Banco Santander-Chile Cumplimiento
Relación de adecuación de capital	10.5%	11.2%
Relación de cobertura de liquidez	100%	125%
Gestión de activos ponderados por el riesgo	Monitoreo estricto	Cumplimiento total

Cumplimiento de los estándares y protocolos bancarios internacionales

Banco Santander-Chile se adhiere a los estándares bancarios internacionales de Basilea III, con Costo total de cumplimiento estimado en CLP 45.6 mil millones en 2024.

Estándar internacional	Estado de cumplimiento	Costo de implementación
Requisitos de capital de Basilea III	Cumplimiento total	CLP 22.3 mil millones
Protocolos contra el lavado de dinero	Totalmente implementado	CLP 15.7 mil millones
Informes de transacciones internacionales	100% de adherencia	CLP 7.6 mil millones

Leyes de protección del consumidor que rigen los servicios bancarios

Mandatos de la legislación de protección del consumidor chileno Estructuras de tarifas transparentes y requisitos integrales de divulgación. En 2024, Banco Santander-Chile informó cero violaciones sustantivas de protección del consumidor.

• Cape de tasa de interés máximo: 36% anual
• Transparencia de tarifas obligatorias
• Requisitos integrales de divulgación del contrato

Marcos legales en curso que abordan los desafíos de banca digital

El banco invierte CLP 12.4 mil millones anuales en ciberseguridad y cumplimiento legal de banca digital, abordando los riesgos tecnológicos emergentes.

Área legal de banca digital	Requisito regulatorio	Inversión de cumplimiento
Protección de datos	GDPR y regulaciones locales	CLP 5.6 mil millones
Normas de ciberseguridad	Gestión integral de riesgos	CLP 4.2 mil millones
Verificación de transacciones digitales	Autenticación multifactor	CLP 2.6 mil millones

Banco Santander -Chile (BSAC) - Análisis de mortero: factores ambientales

Compromiso con las prácticas bancarias sostenibles

Banco Santander-Chile comprometió 1,500 millones de dólares a finanzas sostenibles para 2025. El banco logró el 98.6% de cumplimiento de sus objetivos financieros sostenibles en 2023.

Métrica de finanzas sostenibles	2023 rendimiento	Objetivo 2025
Inversión total sostenible	1.250 millones de dólares	1.500 millones de dólares
Cartera de crédito verde	425 millones de USD	600 millones de dólares
Financiación de energía renovable	275 millones de USD	350 millones de USD

Iniciativas de inversión de financiamiento verde y energía renovable

En 2023, Banco Santander-Chile invirtió 275 millones de dólares en proyectos de energía renovable, lo que representa un aumento del 22.3% de 2022.

Sector de energía renovable	Monto de inversión (USD)	Porcentaje de inversión verde total
Energía solar	135 millones	49.1%
Energía eólica	95 millones	34.5%
Hidroeléctrico	45 millones	16.4%

Estrategias de reducción de huella de carbono en operaciones bancarias

Banco Santander-Chile redujo sus emisiones operativas de carbono en un 35,7% en 2023, con un objetivo de reducción del 50% para 2025.

Área de reducción de carbono	2023 porcentaje de reducción	Objetivo 2025
Emisiones directas	37.2%	45%
Emisiones indirectas	34.1%	55%
Consumo de energía	32.5%	40%

Evaluación de riesgos ambientales en decisiones de préstamos e inversión

El banco implementó la evaluación de riesgos ambientales en el 92.4% de su cartera de préstamos corporativos en 2023.

Categoría de evaluación de riesgos	Porcentaje de cobertura	Criterios de detección
Préstamo corporativo	92.4%	Impacto ambiental
Financiación de proyectos	97.6%	Métricas de sostenibilidad
Evaluación específica del sector	88.3%	Intensidad de carbono

Banco Santander-Chile (BSAC) - PESTLE Analysis: Social factors

Sociological

The social landscape in Chile presents a dual challenge for Banco Santander-Chile: a rapidly digitizing client base demanding seamless service, and a fragile domestic labor market that restrains broader consumer spending. Your strategy must navigate this digital acceleration while managing credit risk tied to economic volatility.

The bank's efficiency ratio, a key measure of operational cost management, improved significantly to a strong 35.9% in the nine months ended September 30, 2025 (9M25), down from 40.0% in the same period last year. This is a direct result of digital investment, but it also reflects a shift in how the bank interacts with its workforce and customers.

Growing digital client base reached approximately 2.3 million as of Q1 2025

The shift to digital is not a future trend; it's the current reality. As of September 30, 2025, Banco Santander-Chile's total customer base reached approximately 4.6 million, with the digital client base-those actively using online platforms monthly-now standing at approximately 2.3 million. That's half your entire customer base logging in regularly. This growth is a huge opportunity for lower-cost service delivery and increased fee-based revenue.

To be fair, this digital migration means your physical footprint is shrinking. As of September 30, 2025, the bank employed 8,583 people and operated only 231 branches throughout Chile, a reduction from previous periods as digital channels take over routine transactions.

Metric (as of Sep 30, 2025)	Value	Context
Digital Client Base	Approximately 2.3 million	Represents half of the total customer base.
Total Employees	8,583	Reflects ongoing optimization and digital-led efficiency.
Branch Network	231 branches	Physical presence reduction due to digital adoption.
Efficiency Ratio (9M25)	35.9%	Improved from 40.0% in 9M24, showing strong cost control.

High unemployment and a fragile labor market still restrain consumer spending

Honesty compels us to look at the macro-social risk: the Chilean labor market remains fragile. The national unemployment rate increased to 9.2% during the third quarter of 2025. This persistent high unemployment, especially among women (rising to 9.4% in Q3 2025), directly impacts consumer confidence and credit quality.

When nearly one in ten people who want a job can't find one, you defintely see a slowdown in loan demand and a rise in credit risk. This is why the bank's focus on non-lending fee income, which now accounts for a significant portion of total revenue, is a smart defensive play against a weak consumer credit environment.

Focus on financial inclusion is mandated by the Fintech Law and is a core strategy

The Chilean government is pushing hard for financial inclusion, and the Fintech Law (Law No. 21,521), enacted in January 2023, is the primary vehicle. This isn't just a regulatory hurdle; it's a social mandate that opens new, previously underserved market segments-individuals and small and medium-sized enterprises (SMEs).

The law mandates the creation of the Open Finance System (SFA), which requires large financial institutions, including banks, to share customer data securely with consent. This regulatory push forces competition and innovation in services for the unbanked.

Your strategic actions in this area must include:

• Accelerate Open Finance integration to comply with the new law.
• Develop low-cost, digital-only products tailored for SMEs and low-income individuals.
• Use the digital platform to reduce the cost-to-serve for new, smaller clients.

The social pressure for inclusion is now backed by a legal framework, so your digital strategy is now a compliance and growth imperative.

Banco Santander-Chile (BSAC) - PESTLE Analysis: Technological factors

Core banking systems migrated fully to the cloud via the 'Gravity' project, boosting efficiency.

You want to know where the real cost savings and agility are coming from, and the answer is the cloud. Banco Santander-Chile's core technology upgrade, dubbed Project Gravity, completed its major milestone in the first quarter of 2025 (1Q25), migrating the legacy Mainframe systems entirely to the cloud. This wasn't just a technical move; it was a strategic one to slash operational redundancies and boost speed.

Here's the quick math on the impact: The bank's efficiency ratio-a key measure of how well a bank controls its operating expenses relative to its revenue-hit a 'Best in Class' level of 35.3% in the first half of 2025 (6M25). To be fair, this is a massive improvement from the 42.1% recorded in 6M24. This cloud-based overhaul is the engine driving that industry-leading efficiency, even with higher transitional technology expenses incurred in 1Q25 related to the change. That's a defintely a clear win on the cost front.

Strategic alliance with PagoNxt for Getnet Chile strengthens payment technology and scale.

The payments space is a constant battleground, so a clear strategic move here is critical. Banco Santander-Chile is doubling down on its merchant acquiring business, Getnet Chile, through a strategic alliance with PagoNxt, the global payments platform of Grupo Santander. This move, announced in November 2025, is designed to inject world-class technology and international scale directly into the local operation.

The alliance is structured as an incorporation of Getnet Payments, SL, a PagoNxt subsidiary, into Getnet Chile. Banco Santander-Chile will retain a controlling 50.01% ownership, ensuring local strategic control, but the partnership brings a cash payment of Ch$41.6 billion and a seven-year renewable distribution agreement with a Net Present Value (NPV) of Ch$45.2 billion. This is a smart way to get global tech without giving up majority control.

Getnet Chile holds an 18.9% market share in physical card transactions with over 316,000 POS terminals.

The investment in Getnet Chile is paying off, making it a significant player in the Chilean payments ecosystem. Getnet Chile has, in just four years, captured a substantial market position. This scale is a competitive moat against fintech disruptors and traditional rivals.

The latest figures show Getnet Chile's strong presence:

• Market Share in Physical Card Transactions: 18.9%
• Total Point-of-Sale (POS) Terminals in Operation: Over 316,000 nationwide

This high number of operational terminals creates a powerful network effect, making the platform more valuable for both merchants and consumers, and it's a direct result of their focus on payments technology.

The bank's Return on Average Equity (ROAE) hit 24.0% in 9M25, driven partly by digital transformation.

Ultimately, all this technology investment has to translate to shareholder value, and it has. The bank's Return on Average Equity (ROAE) for the first nine months of 2025 (9M25) reached a robust 24.0%. This is a clear signal that the digital transformation is a primary driver of superior profitability, especially when compared to the 9M24 ROAE of 18.2%.

The ROAE of 24.0% also significantly surpasses the Chilean banking sector average ROE of 15.48% in Q3 2025, according to regulators. This performance is a direct reflection of the lower cost-to-income ratio from the Gravity project and the increasing fee income generated by digital products and the Getnet platform. It shows that the strategic focus on a digital-first model is creating a sustainable competitive advantage.

Here is a summary of the key technological performance metrics for 2025:

Metric	Value (2025 Fiscal Year Data)	Context/Impact
Return on Average Equity (ROAE)	24.0% (9M25)	Significant increase from 18.2% (9M24), driven by digital transformation.
Efficiency Ratio (Cost-to-Income)	35.3% (6M25)	Best in Class in the Chilean industry; result of Project Gravity cloud migration.
Getnet Market Share (Physical Card Transactions)	18.9%	Strong position, enhanced by the PagoNxt strategic alliance.
Getnet POS Terminals in Operation	Over 316,000	Indicates significant scale and merchant network reach.

Next step: Operations team needs to draft a 90-day integration plan for the PagoNxt technology transfer by the end of the month.

Banco Santander-Chile (BSAC) - PESTLE Analysis: Legal factors

Full Basel III capital requirements, including Pillar 2, are being phased in by December 2025

You're seeing the final push on Basel III implementation, and for Banco Santander-Chile (BSAC), this means the full capital requirements must be met by December 2025. BSAC is designated a systemically important bank by the Comisión para el Mercado Financiero (CMF), so it carries an additional core capital requirement of 1.5% of its Risk-Weighted Assets (RWA).

The good news is that BSAC is defintely prepared. Their Common Equity Tier 1 (CET1) ratio reached 10.8% in September 2025, which is well above the bank's minimum regulatory requirement of 9.08% for December 2025. This strong capital buffer means the final phase-in of the systemic charge and the specific 25 basis point (0.25%) Pillar 2 charge-which was 50% fulfilled by June 2025-will not force the bank to raise new capital.

Here's the quick math on the core requirement for BSAC:

Core Capital Requirement Component	Requirement (as % of RWA)	Implementation Deadline
Minimum CET1 Ratio	4.5%	Fully Implemented
Capital Conservation Buffer	2.5%	Fully Implemented
Countercyclical Capital Buffer (CCyB)	0% to 2.5% (Currently 0%)	Ongoing
Systemic Importance Surcharge	1.5%	December 2025
Pillar 2 Charge (Specific to BSAC)	0.25%	December 2025

The Fintech Law implementation creates an Open Finance System (SFA), increasing competition

The Open Finance System (Sistema de Finanzas Abiertas or SFA), a key component of Chile's Fintech Law (Law No. 21,521), is the biggest near-term competitive shift. The regulation was published in July 2024, and the Open Finance System itself will enter into force 24 months later (July 2026). But the gradual rollout is already underway, forcing major banks to make significant technological and operational adjustments now.

As a regulated financial institution, Banco Santander-Chile is obligated to join the SFA. This means you must securely share customer data-with their explicit consent-with new market entrants like Information Based Service Providers (IBSP) and Payment Initiation Service Providers (PISP). This mandatory data sharing will lower the barrier to entry for fintechs, making it easier for them to offer hyper-personalized, lower-cost services. That's a direct threat to BSAC's market share, but it also pushes the bank to accelerate its own digital innovation.

A Consolidated Debt Registry is being enabled by the CMF in November 2025, improving credit risk data

The Comisión para el Mercado Financiero (CMF) issued the regulation for the Consolidated Debt Registry (REDEC) on July 14, 2025, and it is rapidly moving toward full operational status. This registry is a game-changer for credit risk, centralizing and consolidating all debtors' information-amounts, loan types, timeframes, and payment statuses-from a wider range of reporting entities.

For BSAC, this means two things: better risk assessment and more competition. The improved, complete, and up-to-date data will certainly help reduce the cost of risk, which BSAC anticipates will improve to 1.35% by year-end 2025. However, the CMF also incorporated credit advisory services, like credit bureaus, as reporting entities in August 2025. This allows them to access the REDEC data (with consent), enabling them to offer more accurate risk assessments and better loan offers, which directly challenges BSAC's lending business.

• REDEC provides more complete credit data.
• Better data helps reduce credit risk.
• New market entrants get access, increasing lending competition.

New customer service channel regulations are being finalized in July 2025 under the Fintech Act

The CMF finalized new customer service channel regulations by issuing General Rule No. 543 on August 1, 2025. This regulation, stemming from the Fintech Act, is all about modernizing how banks interact with customers, setting new standards for both physical and remote channels.

The new rules mandate minimum working hours for offices and define the mechanisms and minimum conditions for all customer service channels. This requires a review of BSAC's extensive branch network and digital service platforms to ensure compliance. Crucially, the new rule also repeals the banking holiday of December 31. This small change has a real operational impact, requiring banks to staff and operate on a day they previously did not, affecting year-end processes and employee scheduling.

Your next step is to have the Compliance team draft a detailed gap analysis between General Rule No. 543 and current BSAC operations by the end of the month.

Banco Santander-Chile (BSAC) - PESTLE Analysis: Environmental factors

The environmental landscape for Banco Santander-Chile (BSAC) in 2025 is defined by a clear shift from voluntary corporate social responsibility (CSR) to mandatory financial risk management and a surging green credit market. You can't just talk about sustainability anymore; you have to price it.

This dynamic creates both a compliance challenge and a massive growth opportunity, especially for a market leader. The bank's ability to map its loan book to the climate transition is now a core driver of its capital efficiency and revenue growth.

The bank committed $1.5 billion to sustainable finance for 2025, a clear ESG target

Banco Santander-Chile has made a substantial public commitment to sustainable finance, setting a goal to finance its own projects and those of its clients for at least US$1.5 billion through its ESG framework by the end of 2025. This isn't a vague aspiration; it's a hard, measurable target that directly impacts the bank's lending strategy and product development.

The focus areas for this capital mobilization are concrete, linking the bank's core business directly to the low-carbon transition in Chile. This is how you future-proof a balance sheet.

• Finance energy efficiency projects.
• Fund renewable energy generation.
• Support pollution reduction initiatives.
• Issue ESG-linked bonds with an official seal.

The parent company, Santander Group, has already demonstrated its execution capability by achieving its EUR 120 billion green finance target 18 months ahead of schedule, which sets a high bar for the Chilean subsidiary.

Climate-related risk is now explicitly considered in the CMF's Pillar 2 capital assessment for banks

The regulatory environment in Chile has hardened, translating climate risk into tangible capital requirements. The Comisión para el Mercado Financiero (CMF), Chile's financial regulator, issued regulatory amendments in July 2025 to perfect the Pillar 2 (supervisory review process) of Basel III standards.

The CMF explicitly lists climate-related risk as a non-traditional risk that banks must now account for in their internal capital adequacy assessment process (ICAAP). This means the bank's exposure to sectors vulnerable to climate change-like agriculture, mining, and coastal infrastructure-is now a factor in determining its additional capital buffer, which may not exceed 4 percent of its net risk-weighted assets.

Here's the quick math: if the CMF assesses a significant climate-related risk, it directly impacts the bank's required capital and, consequently, its return on equity (ROE). This is a defintely material risk. The CMF's roadmap includes the integration of climate risks into these prudential risk assessments.

The bank's parent, Santander Group, upholds a strong brand reputation for sustainability and community engagement

Banco Santander-Chile benefits significantly from the global reputation of its parent, Santander Group, which is a recognized leader in sustainable finance. This strong brand equity is a competitive advantage in attracting both capital and clients seeking green credentials.

The Group's commitment is quantifiable and impressive. In the global renewable energy finance market, the Group was among the top banks in 2024, closing 82 transactions and securing a 4.54% global market share. This expertise flows down to the Chilean operation, giving it a technical edge in structuring complex green deals.

Key 2025 targets for the parent Group that bolster the local brand include:

• Mobilize EUR 220 billion in green finance by 2030.
• Target EUR 100 billion in Socially Responsible Investments (SRI) Assets Under Management (AUM) by 2025.
• Achieve net-zero carbon emissions by 2050.

Increasing investor demand for green credit and renewable energy financing

Investor and corporate demand for green financial products in Chile is no longer nascent; it is exploding. This demand creates a clear opportunity for BSAC to grow its loan book in high-margin, forward-looking sectors.

The Latin American green investment market is projected to expand dramatically from USD 200 billion in 2024 to USD 980 billion by 2033. This growth is directly fueling the demand for green credit and bonds in the region, with sustainable bond issuance volumes projected to reach $40-45 billion in Latin America in 2025.

Domestically, the surge in demand is evident in Chile's carbon market, driven by the Green Tax Emissions Compensation System (SCE). In the second cycle, which concluded in April 2025, companies compensated for 4.4 million tonnes of CO₂ using carbon credits, a massive increase from the 260,000 tonnes compensated in the first cycle. This regulatory-driven demand for offsets directly translates into a need for financing for eligible green projects, which BSAC is well-positioned to provide.

The following table summarizes the key financial drivers for the green market opportunity:

Metric	Value/Target (2025 Fiscal Year)	Implication for BSAC
BSAC Sustainable Finance Goal	US$1.5 billion	Direct lending target for green/social projects.
Latin America Sustainable Bond Issuance (Projected)	$40-45 billion	Massive market for BSAC's Corporate & Investment Banking division.
Chilean Carbon Credit Compensation (April 2025 Cycle)	4.4 million tonnes of CO₂	Surging corporate demand for eligible green project financing.
CMF Pillar 2 Capital Requirement Cap	4 percent of net risk-weighted assets	Climate risk management directly impacts capital efficiency.