Banco Santander-Chile (BSAC): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la banque chilienne, Banco Santander-Chile est une institution financière pivot navigue dans des environnements externes complexes. Cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent le positionnement stratégique de la banque, révélant comment les tendances mondiales et la dynamique locale s'entrelacent pour influencer sa résilience opérationnelle et son potentiel de croissance future. Plongez dans une exploration éclairante des défis et des opportunités à multiples facettes qui définissent l'écosystème stratégique de Banco Santander-Chile.

Banco Santander-Chile (BSAC) - Analyse du pilon: facteurs politiques

La gouvernance démocratique stable du Chili soutenant les opérations du secteur bancaire

L'indice de stabilité politique du Chili en 2023 était de 0,62 (Banque mondiale), indiquant un environnement politique relativement cohérent. Le pays maintient un système démocratique depuis 1990, avec des transitions de pouvoir pacifiques entre les administrations.

Indicateur de stabilité politique	Valeur (2023)
Indice de stabilité politique	0.62
Classement de l'indice de la démocratie	24e à l'échelle mondiale
Score d'efficacité du gouvernement	0.75

Règlements gouvernementaux favorisant la transparence du secteur financier

Le cadre réglementaire financier du Chili oblige des mécanismes de conformité stricts pour les institutions bancaires.

• Règlement anti-blanchiment Règlement de conformité: 98,5%
• Bâle III Exigences d'adéquation du capital: entièrement mise en œuvre
• Score de transparence des rapports financiers annuels: 8,7 / 10

Politiques monétaires de la Banque centrale du Chili

La Banque centrale du Chili a maintenu un taux d'intérêt de référence de 8,25% en décembre 2023, influençant directement les stratégies du secteur bancaire.

Indicateur de politique monétaire	Valeur (2023)
Taux d'intérêt de référence	8.25%
Cible d'inflation	3% ± 1%
Croissance de la masse monétaire	4.7%

Des changements politiques potentiels impactant le climat d'investissement étranger

Le cadre d'investissement étranger direct du Chili reste relativement ouvert, avec Les réformes constitutionnelles ont un impact sur les réglementations d'investissement.

• Afflux d'investissement direct étranger (2023): 12,3 milliards de dollars
• Indice de protection des investissements étrangers: 0,85
• Compliance du traité d'investissement bilatéral: 100%

Banco Santander-Chile (BSAC) - Analyse du pilon: facteurs économiques

La croissance économique modérée du Chili affectant les performances bancaires

Le taux de croissance du PIB du Chili était de 2,1% en 2023, avec une croissance projetée de 2,3% pour 2024. La performance du secteur bancaire est directement en corrélation avec ces indicateurs économiques.

Indicateur économique	Valeur 2023	2024 projection
Taux de croissance du PIB	2.1%	2.3%
Taux d'inflation	3.8%	3.5%
Taux de chômage	8.6%	8.4%

Les prix des produits de base fluctuants ont un impact sur la stabilité économique nationale

Les exportations de cuivre représentent 20,4% des exportations totales du Chili, avec une valeur marchande de 36,2 milliards de dollars en 2023. La volatilité des prix a un impact direct sur la stabilité économique nationale.

Marchandise	2023 Valeur d'exportation	Fluctuation des prix
Cuivre	36,2 milliards de dollars	±15.7%
Lithium	2,8 milliards de dollars	±22.3%

Changements de taux d'intérêt par la banque centrale influençant les pratiques de prêt

La Banque centrale du Chili a maintenu son taux de référence à 8,25% en décembre 2023, ce qui concerne les stratégies de prêt du secteur bancaire.

Métrique des taux d'intérêt	Valeur 2023	Impact sur les prêts
Taux de référence	8.25%	Contraintes de prêt modérées
Taux de prêt commercial	11.5%	Réduction de la demande de crédit

Efforts de diversification économique en cours sur le marché chilien

Les efforts de diversification économique du Chili se concentrent sur les secteurs de la technologie, des énergies renouvelables et des services, les exportations technologiques augmentant de 7,2% en 2023.

Secteur de la diversification	2023 Croissance	Valeur d'exportation
Exportations technologiques	7.2%	4,5 milliards de dollars
Énergie renouvelable	12.5%	2,1 milliards de dollars

Banco Santander-Chile (BSAC) - Analyse du pilon: facteurs sociaux

Adoption croissante des banques numériques parmi la population chilienne

En 2023, la pénétration des banques numériques au Chili a atteint 87,4% parmi les internautes. Les utilisateurs des services bancaires mobiles sont passés à 72,6% de la population bancaire totale.

Métrique bancaire numérique	Pourcentage	Total utilisateurs
Pénétration des services bancaires sur Internet	87.4%	6,3 millions d'utilisateurs
Utilisateurs de la banque mobile	72.6%	5,2 millions d'utilisateurs
Fréquence de transaction en ligne	58.3%	4,2 millions de transactions mensuellement

Demande croissante d'inclusion financière et de services numériques

Les taux d'inclusion financière au Chili sont améliorés à 74,2% en 2023, les services numériques jouant un rôle crucial dans l'élargissement de l'accès aux services bancaires.

Métrique d'inclusion financière	Valeur
Taux d'inclusion financière globale	74.2%
Population non bancarisée	25.8%
Adoption des services bancaires numériques	68.5%

Changements démographiques vers les consommateurs bancaires plus jeunes et avertis en technologie

Les consommateurs bancaires chiliens âgés de 18 à 35 ans représentent 45,6% du total des utilisateurs bancaires, avec 92,3% préférant les plateformes bancaires numériques.

Groupe d'âge	Pourcentage d'utilisateurs bancaires	Préférence de plate-forme numérique
18-35 ans	45.6%	92.3%
36-50 ans	32.4%	76.5%
Plus de 51 ans	22%	48.7%

Astenses à la hausse des consommateurs pour les expériences bancaires personnalisées

La demande des consommateurs de services bancaires personnalisés est passée à 83,6% en 2023, les recommandations axées sur l'IA de plus en plus importantes.

Métrique de personnalisation	Pourcentage
Demande de service personnalisée	83.6%
Préférence de recommandation dirigée par l'IA	67.4%
Intérêt des produits financiers personnalisés	76.2%

Banco Santander-Chile (BSAC) - Analyse du pilon: facteurs technologiques

Investissement important dans les plates-formes bancaires numériques et les applications mobiles

En 2023, Banco Santander-Chile a investi 78,5 millions USD dans les initiatives de transformation numérique. L'utilisation de la plate-forme bancaire mobile est passée à 1,2 million d'utilisateurs actifs, ce qui représente une croissance de 22% sur l'autre.

Catégorie d'investissement numérique	Montant d'investissement (USD)	Croissance de l'utilisateur
Plateforme de banque mobile	42,3 millions	22%
Infrastructure bancaire en ligne	36,2 millions	18%

Mise en œuvre de mesures de cybersécurité avancées

Banco Santander-Chile a alloué 24,6 millions USD aux infrastructures de cybersécurité en 2023. La banque a déclaré un taux de prévention de 99,7% contre les menaces potentielles de sécurité numérique.

Métrique de la cybersécurité	Valeur
Investissement annuel de cybersécurité	24,6 millions USD
Taux de prévention des menaces	99.7%

Intelligence artificielle et apprentissage automatique dans le service client

La banque a mis en œuvre des solutions de service à la clientèle axées sur l'IA avec un investissement de 15,4 millions USD. Les interactions Chatbot ont augmenté à 62% du total des interactions du service client en 2023.

Métrique du service client AI	Valeur
Investissement de service d'IA	15,4 millions USD
Pourcentage d'interaction chatbot	62%

Stratégies d'intégration de blockchain et de fintech

Banco Santander-Chile a engagé 12,7 millions USD dans les stratégies d'intégration de la blockchain et des finchs en fin de feu en 2023. La banque a établi des partenariats avec 7 startups locales de fintech.

Métrique blockchain / fintech	Valeur
Investissement de blockchain	12,7 millions USD
Partenariats de startup fintech	7 partenariats

Banco Santander-Chile (BSAC) - Analyse du pilon: facteurs juridiques

Règlements sur les banques strictes par la surintendance financière chilienne

La Commission du marché financier chilien (CMF) impose des exigences réglementaires strictes à Banco Santander-Chile. En 2024, la banque doit maintenir un ratio d'adéquation du capital minimum de 10,5%, avec tampons de capital supplémentaires de 2,5%.

Métrique réglementaire	Exigence	Banco Santander-Chile Conformité
Ratio d'adéquation des capitaux	10.5%	11.2%
Ratio de couverture de liquidité	100%	125%
Gestion des actifs pondérés en fonction des risques	Surveillance stricte	Compliance complète

Conformité aux normes et protocoles bancaires internationaux

Banco Santander-Chile adhère aux normes bancaires internationales de Bâle III, avec Coût total de conformité estimé à CLP 45,6 milliards en 2024.

Norme internationale	Statut de conformité	Coût de la mise en œuvre
Exigences de capital Bâle III	Compliance complète	CLP 22,3 milliards
Protocoles anti-blanchiment	Entièrement implémenté	CLP 15,7 milliards
Reportage des transactions internationales	Adhésion à 100%	CLP 7,6 milliards

Lois sur la protection des consommateurs régissant les services bancaires

Mandat de la législation sur la protection des consommateurs chiliens Structures de frais transparents et exigences de divulgation complètes. En 2024, Banco Santander-Chile n'a signalé aucune violation substantielle de la protection des consommateurs.

• Papet de taux d'intérêt maximum: 36% par an
• Transparence obligatoire des frais
• Exigences complètes de divulgation du contrat

Des cadres juridiques en cours résorbant les défis bancaires numériques

La Banque investit CLP 12,4 milliards par an dans la cybersécurité et la conformité juridique des banques numériques, pour résoudre les risques technologiques émergents.

Zone juridique de la banque numérique	Exigence réglementaire	Investissement de conformité
Protection des données	RGPD et réglementation locale	CLP 5,6 milliards
Normes de cybersécurité	Gestion complète des risques	CLP 4,2 milliards
Vérification des transactions numériques	Authentification multi-facteurs	CLP 2,6 milliards

Banco Santander-Chile (BSAC) - Analyse du pilon: facteurs environnementaux

Engagement envers les pratiques bancaires durables

Banco Santander-Chile a commis 1 500 millions USD pour la finance durable d'ici 2025. La banque a obtenu un respect de 98,6% de ses objectifs de financement durable en 2023.

Métrique financière durable	Performance de 2023	Cible 2025
Investissement durable total	1 250 millions USD	1 500 millions USD
Portefeuille de crédit vert	425 millions USD	600 millions USD
Financement des énergies renouvelables	275 millions USD	350 millions USD

Initiatives d'investissement de financement vert et d'énergie renouvelable

En 2023, Banco Santander-Chile a investi 275 millions USD dans des projets d'énergie renouvelable, représentant une augmentation de 22,3% par rapport à 2022.

Secteur des énergies renouvelables	Montant d'investissement (USD)	Pourcentage de l'investissement vert total
Énergie solaire	135 millions	49.1%
Énergie éolienne	95 millions	34.5%
Hydro-électrique	45 millions	16.4%

Stratégies de réduction de l'empreinte carbone dans les opérations bancaires

Banco Santander-Chile a réduit ses émissions de carbone opérationnelles de 35,7% en 2023, avec un objectif de 50% de réduction d'ici 2025.

Zone de réduction du carbone	2023 pourcentage de réduction	Cible 2025
Émissions directes	37.2%	45%
Émissions indirectes	34.1%	55%
Consommation d'énergie	32.5%	40%

Évaluation des risques environnementaux dans les décisions de prêts et d'investissement

La Banque a mis en place une évaluation des risques environnementaux dans 92,4% de son portefeuille de prêts d'entreprise en 2023.

Catégorie d'évaluation des risques	Pourcentage de couverture	Critères de dépistage
Prêts aux entreprises	92.4%	Impact environnemental
Financement du projet	97.6%	Métriques de durabilité
Évaluation sectorielle	88.3%	Intensité de carbone

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.