Banco Santander-Chile Files Annual Report on Form 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Banco Santander-Chile has filed its 2023 annual report on Form 20-F, confirming its status as a well-known seasoned issuer.</b>

AI Summary

BANCO SANTANDER CHILE (BSAC) filed a Foreign Annual Report (20-F) with the SEC on February 22, 2024. Banco Santander-Chile filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The report covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at Bandera 140, 20th floor, Santiago, Chile. The filing indicates that Banco Santander-Chile is a well-known seasoned issuer. American Depositary Shares (ADS), each representing 400 Shares of Common Stock, are traded under the symbol BSAC on the New York Stock Exchange.

Why It Matters

For investors and stakeholders tracking BANCO SANTANDER CHILE, this filing contains several important signals. This filing provides investors with the company's audited financial performance and operational details for the 2023 fiscal year. As a 20-F filing, it offers a comprehensive overview of the company's business, financial condition, and risks, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: low — BANCO SANTANDER CHILE shows low risk based on this filing. The filing is a standard annual report (20-F) for a publicly traded company, indicating routine disclosure rather than a significant event.

Analyst Insight

Review the full 20-F filing for detailed financial statements, management discussion, and risk factors to assess Banco Santander-Chile's performance and outlook.

Key Numbers

• 188,446,126,794 — Shares of Common Stock (Outstanding shares as of December 31, 2023)
• 20231231 — Fiscal Year End (Conformed period of report)
• 20240222 — Filing Date (Date the report was filed)
• BSAC — Trading Symbol (Symbol for American Depositary Shares on NYSE)

Key Players & Entities

• BANCO SANTANDER CHILE (company) — Filer name
• Santander (company) — d/b/a name
• Banco Santander (company) — d/b/a name
• SANTANDER-CHILE BANK (company) — Translation of Registrant's name into English
• New York Stock Exchange (company) — Exchange where securities are registered
• Cristian Vicuña (person) — Company Contact Person
• 001-14554 (regulator) — Commission file number
• 20231231 (date) — Conformed period of report

FAQ

Industry Context

Banco Santander-Chile operates within the commercial banking sector in Chile.

Regulatory Implications

As a Chilean bank, it is subject to the regulatory framework of Chile and files annual reports (Form 20-F) with the U.S. Securities and Exchange Commission due to its listing of American Depositary Shares on the NYSE.

What Investors Should Do

1. Analyze the full financial statements within the 20-F for revenue, net income, and asset growth.
2. Review the Management's Discussion and Analysis section for insights into the company's strategy and performance drivers.
3. Examine the risk factors section for potential challenges and their impact on the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the annual financial statements.
• 2024-02-22: Filing Date — Date the 20-F report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 annual report, so a direct comparison to a prior period's 20-F is not yet possible from this document alone.

Key Financial Figures

• $874.45 — s published by Reuters at 1:30 pm was Ch$874.45 per U.S.$1.00, or 1.15% less than the o
• $1 — euters at 1:30 pm was Ch$874.45 per U.S.$1.00, or 1.15% less than the observed exc
• $884.59 — by the Central Bank for such date of Ch$884.59 per U.S.$1.00. The Federal Reserve Bank
• $1.00 — Bank for such date of Ch$884.59 per U.S.$1.00. The Federal Reserve Bank of New York d
• $41.59 — .S. dollar equivalent of one UF was U.S.$41.59 as of December 31, 2023, using the obse
• $36,789.36 — of one UF as of December 31, 2023 was Ch$36,789.36. vi PART I ITEM 1. IDENTITY OF DIREC

Filing Documents

• f20f2023_bancosant.htm (20-F) — 14131KB
• f20f2023ex2d_bancosantan.htm (EX-2.D) — 110KB
• f20f2023ex8-1_bancosantan.htm (EX-8.1) — 10KB
• f20f2023ex12-1_bancosantan.htm (EX-12.1) — 10KB
• f20f2023ex12-2_bancosantan.htm (EX-12.2) — 10KB
• f20f2023ex12-3_bancosantan.htm (EX-12.3) — 10KB
• f20f2023ex13-1_bancosantan.htm (EX-13.1) — 6KB
• f20f2023ex97-1_bancosantan.htm (EX-97.1) — 44KB
• image_001.jpg (GRAPHIC) — 27KB
• image_002.jpg (GRAPHIC) — 19KB
• image_003.jpg (GRAPHIC) — 14KB
• image_004.jpg (GRAPHIC) — 1KB
• image_005.jpg (GRAPHIC) — 1KB
• fin_001.jpg (GRAPHIC) — 11KB
• fin_002.jpg (GRAPHIC) — 1KB
• fin_003.jpg (GRAPHIC) — 1KB
• fin_004.jpg (GRAPHIC) — 309KB
• fin_005.jpg (GRAPHIC) — 7KB
• fin_006.jpg (GRAPHIC) — 5KB
• fin_007.jpg (GRAPHIC) — 6KB
• fin_009.jpg (GRAPHIC) — 20KB
• ex97-1_001.jpg (GRAPHIC) — 3KB
• 0001213900-24-015910.txt (&nbsp;) — 60945KB
• bsac-20231231.xsd (EX-101.SCH) — 692KB
• bsac-20231231_cal.xml (EX-101.CAL) — 93KB
• bsac-20231231_def.xml (EX-101.DEF) — 1671KB
• bsac-20231231_lab.xml (EX-101.LAB) — 3253KB
• bsac-20231231_pre.xml (EX-101.PRE) — 1718KB
• f20f2023_bancosant_htm.xml (XML) — 15800KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No table of contents Page CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS ii CERTAIN TERMS AND CONVENTIONS iv PRESENTATION OF FINANCIAL INFORMATION iv PART I 1

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 36

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 58

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 59

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 114

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 126

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 130

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 132

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 133

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 150

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 169 PART II 171

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 171

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 171

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 171

[RESERVED]

ITEM 16. [RESERVED] 172

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 172

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 172

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 173

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 173

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 173

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 173

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 174

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 174

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 174

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 174

CYBERSECURITY

ITEM 16K. CYBERSECURITY 174 PART III 176

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 176

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 176

EXHIBITS

ITEM 19. EXHIBITS 176 i CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS We have made statements in this Annual Report on Form 20-F that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements appear throughout this report and include statements regarding our intent, belief or current expectations regarding: asset growth and alternative sources of funding; growth of our fee-based business; financing plans; impact of competition; impact of regulation; exposure to market risks including: o interest rate risk; o foreign exchange risk; and o equity price risk; projected capital expenditures; liquidity; trends affecting: o our financial condition; and o our results of operation. The sections of this Annual Report which contain forward-looking statements include, without limitation, "Item 3. Key Information—Risk Factors," "Item 4. Information on the Company—B. Business Overview—Competition," "Item 5. Operating and Financial Review and Prospects," "Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings," and "Item 11. Quantitative and Qualitative Disclosures About Market Risk." Our forward-looking statements also may be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "could," "may," "seeks," "aim," "combined," "estimates," "probability," "risk," "VaR," "target," "goal," "objective," "future" or similar expressions. You should understand that the following important factors, in addition to those discussed elsewhere in this Annual Report and in the documents which are incorporated by reference, could affect our future results and could cause those results or other outcomes to differ materially from those e

financial statements

financial statements. Functional and Presentation Currency The Chilean peso is the currency of the primary economic environment in which the Bank operates and the currency that influences its structure of costs and revenues, and in accordance with International Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates has been defined as the functional and presentation currency. Accordingly, all balances and transactions denominated in currencies other than the Chilean peso are treated as "foreign currency." See "Note 1—Summary of Significant Accounting Principles—e) Functional and presentation currency." For presentation purposes, we have translated Chilean pesos (Ch$) into U.S. dollars (U.S.$) using the rate as indicated below under "Exchange Rates," for the financial information included in this Annual Report. Loans Unless otherwise specified, all references herein (except in the Audited Consolidated Financial Statements) to loans are to loans and financial leases before deduction for loan loss allowance, and, except as otherwise specified, all market share data presented herein is based on information published periodically by the FMC. Outstanding loans and the related percentages of our loan portfolio consisting of corporate and consumer loans as defined in the section entitled "Item 4. Information on the Company—B. Business Overview" are categorized based on the nature of the borrower. Outstanding loans and related percentages of our loan portfolio consisting of corporate and consumer loans in the section entitled "Item 5. Operating and Financial Review and Prospects—C. Selected Statistical Information" are categorized in accordance with the reporting requirements of the FMC, which are based on the type and term of loans. v Non-performing loans are also presented in accordance with reporting requirements of the FMC and include the entire principal amount and accrued but unpaid interest on loans for which either principal or interest is p

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors You should carefully consider the following risk factors, which should be read in conjunction with all the other information presented in this Annual Report. The risks and uncertainties described below are not the only ones that we face. Additional risks and uncertainties that we do not know about or that we currently think are immaterial may also impair our business operations. Any of the following risks, if they actually occur, could materially and adversely affect our business, results of operations, prospects and financial condition. The following risk factors have been grouped as follows: (a) Risk Factors in respect of Santander-Chile; (b) Risk Factors in respect of Chile; (c) Risk Factors in respect of our Controlling Shareholder and our ADSs; and (d) General Risk Factors. The risk factors in respect of Santander-Chile are presented in the following subcategories depending on their nature: (a) Macro-economic Risks; (b) Competitive Risks; (c) Operational Risks; (d) Financial Risks; and (e) Legal and Regulatory Risks. 1 Summary of Key Risks Our business is subject to numerous risks and uncertainties, discussed in more detail below. These risks include, among others, the following key risks: The growth rate of our loan portfolio may be affected by economic turmoil, which could also lead to a contraction in our loan portfolio. Inflation, government efforts to control inflation, and changes in interest rates may hinder the growth of the Chilean economy and could have an adverse effect on us. The continuance or escalation of the war in Ukraine and the conflict in the Middle East could materially affect our financial position and increase our operational risk. Our operations and results have been negatively impacted by the coronavirus outbreak. We are vulnerable to disruptio

View Full Filing

View this 20-F filing on SEC EDGAR