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 believe these initiatives are aligned with our strategy and the professional development that our team aspires to achieve. Additionally, we enter into contracts with several third parties to provide our customers with data processing and communication services. The Central Bank subordinated debt did not have a fixed maturity, and payments were made only to the extent that we circulae income before provisions for the subordinated debt.

Given the circulaar competition in the banking industry, in order to take advantage of these opportunities, we are continuously developing innovative products and services to diversify our revenue sources.

The office in Frankfurt was closed inwhen our foreign operations were centralized at the New York branch. Lastly, in the past, increasing competition within the Chilean banking cigcular has been accompanied by a consolidation wave and the entry of international players to the system through multiple mergers and acquisitions.

According to the SBIF, as. Loans and advances to banks. In sve, we provide our customers with continuous online access to their accounts and the possibility of transferring substantial financial assets by electronic means while purchasing goods or withdrawing funds, in Chile and abroad with credit and debit cards issued by us.

As a result, we strive to develop customi zed commercial strategies to reinforce this payment channel svss applying business intelligence tools that enable us to satisfy the needs of our diverse customer base.

Thus, in order to ensure the quality of its loan portfolio, Banco CrediChile adheres to our general loan origination procedures, particularly with regard to the use of our credit scoring system and credit management policies, including the use of credit bureaus and the services of the SBIF.

This trend encouraged investors to opt for current accounts over interest-bearing deposits. We also continued to reinforce our mobile offerings by improving the mass-market appeal of MiPass, originally introduced in If our judgment, assumptions or models used in valuing these items are inaccurate, there could be a material effect on our results, circulad requirements and capital ratios.

For this reason, we are focused on improving our cash management services, enhancing our internet-based services, increasing the penetration of products designed by our treasury and money market operations segment, strengthening our presence in certain lending products such as leasing and factoring and promoting international businesses by taking advantage of the Sve Connectivity Agreement we maintain with Citigroup and the specialized array of financial services offered by our subsidiaries, such as securities brokerage, mutual funds management and financial advisory in order to meet the needs of certain niches within this business segment.


Cirvular, we strive to develop a distinctive culture among our employees by promoting: These capital expenditures will be principally financed by cash on hand and long-term debt financing. The remaining loans were distributed between consumer Any downgrade in our debt credit ratings could result in higher borrowing costs for us while requiring us to post additional collateral or limiting our access to capital markets.

Similarly, recent developments in the Chinese economy have led to increasing volatility in the financial markets and a downward trend in international commodity prices. Furniture, machinery and installations. We are a party to collective bargaining agreements with various labor unions to which most of our employees belong.

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Unless otherwise specified, all references in this annual report to total loans are to loans to customers before deducting allowances for loan losses, and they do not include loans to banks or contingent loans. Thus, we expect to expand our business and customer base by developing tailored service models, optimizing our branch network, enhancing our presence in the small and medium-size company market and reinforcing certain lending products that should enable us to consolidate.

Audit Committee Financial Expert. Any volatility in interest rates could have a material adverse effect on our financial condition and results of operations. We compete with Chilean and foreign banks, with Banco del Estado de Chile, which is state-owned, and with others providers of financial services that are. Zvs supplement this circukar, we also launched a new advertising campaign intended to enhance the market positioning of the Banco Edwards Citi brand name.

Our core business and transactions are with customers doing business in Chile. We believe that the Chilean market for credit cards has a high growth potential, especially among lower and middle income customer segments, as the average merchant fees should continue to decline due to increasing competition from other banks that operate in Chile, as well as large department stores and other non-banking competitors that are involved in the issuance of credit cards.

These standards, when adopted, will require issuers to include new disclosures in the notes to their financial statements. In all of these areas, but especially in cross-selling, the synergies that arise from the Global Connectivity Agreement with Citigroup have been i mportant when assisting our corporate customers with off shore transactions and advisory work.


Lastly, we cannot assure you that regulators will not impose more restrictive limitations in the future on the activities of banks, including us, than those that are currently in effect. Similarly, the Chilean economy continued to grow slowly in by recording a moderate 1.

Risks Relating to Chile. circulwr

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Total Secured Residential Mortgage Loans. Treasury and money market operations. These are our strategic priorities and we aspire to attain them through collaboration and teamwork. Cash collateral on securities borrowed and reverse repurchase agreements.

Accordingly, we aim to become circuoar productive and efficiency-oriented organization in circulra business aspects by developing simple, effective, secure and low-cost processes while maintaining the tightest cost control in the industry.

Under this program we issued medium term notes in Hong Kong and Japan for approximately U. Circulae income from discontinued operations, net of taxes. The Bank recognized the effect associated with the changes in mortgage loans provisioning in advance, by the end ofand found no material impact on results prepared under Chilean GAAP. Two of our affiliates, Transbank S. For example, incentral Chile was significantly damaged by catastrophic wildfires that lasted over two months.

Chile has corporate disclosure standards different from those you may be familiar with in the United States. During we accomplished significant advances on this matter such as attaining the highest net promotion score among the main Chilean banks for first time in our recent history while also reducing our attrition rate. We believe that we have a cost effective and highly competitive funding structure based on our leading market position in current accounts and demand deposits, especially among individuals.

Duringthe economic backdrop remained a leading challenge for the banking industry. 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.

Information on the Company. Over time, the division has developed service models intended to take advantage of synergies arising from the interaction of account and specialized support executives responsible for ensuring comprehensive customer service. The growth in our loan book has been aligned with our mid-term strategic goals, which aim to diversify our business model by optimizing our risk-return relationship in order to maintain profitable growth.