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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In line with our efforts over the last two years, we continued to develop circulae remote channels to satisfy consumer demand for modern and fast financial services. Thus, we convened microentrepreneurs who incorporate a social and sustainable vision as part of their business activities through creativity and innovation.

The Chilean Ministry of Finance has announced that the implementation of Basel III is a priority for the current administration and, therefore, a set of amendments to the General Banking Act will be presented for crcular to the Chilean congress.

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Depending on their specifications, these cards can be used for banking transactions at ATMs that operate on the local network provided by Redbanc and the local network of merchants participating in the local Redcompra debit program. As for our historical loss rates, we periodically review our collateral pricing models by adjusting the parameters that support them, such as appreciation and depreciation rates, as well as updated recovery and loss rates, based on historical and empirical data.

Chile has corporate disclosure standards different from those you may be familiar with in the United States. These requirements are related to: The growth of our loan portfolio may expose us to increased loan losses.

Similarly, we implemented initial stages of various technological projects to support commercial activities while reinforcing operational excellence and security in internet-based transactions. Although we maintain a system of operational controls composed of both trained staff and world-class technological resources, as well as comprehensive contingency plans and security procedures, there can be no assurances that operational problems, errors, criminal events or terrorist attacks will not occur and that their occurrence will not have a material adverse impact on our results of operations, financial condition and the value of our shares and ADSs.


These models have enabled this division to strengthen customer relationships and product offerings.

The new guidelines also introduced changes to the treatment of provisions related to factoring loans and guarantors. Hence, as low interest rates have prevailed in Chile duringandinterest rates paid on Chilean peso-denominated saving accounts and time deposits have remained low. Similarly, we implemented the first stage of a new website with diverse functionalities especially designed. This new application combined with our already existing applications, MiBanco, MiPago, MiBeneficio, MiCuenta and MiSeguro, will allow our customers to complete various banking transactions through their mobile phones, including paying bills, carrying out electronic money transfers and enrolling in and managing insurance policies offered by our insurance brokerage subsidiary.

All of evs aforementioned investments have been or will be made in Chile. In addition to our traditional banking operations, our subsidiaries and affiliates permit us to offer a circuar of non-banking but specialized financial services including securities brokerage, mutual funds management, investment banking, insurance brokerage, securitization and collection services.

Our operations are highly dependent on the Chilean political and social environment, as most of our customers and borrowers do business in Chile.

Exact name of Registrant as specified in its charter. As a result, circualr single shareholder held a controlling stake in the Bank. Given the floating exchange rate regime that exists in Chile, the Chilean peso has been subject to large fluctuations in the past and this trend could occur again in the future. Our retail banking segment serves the financial needs of individuals and small and medium sized companies through our branch network.

As a result, our risk-index ratio allowances for loan losses to total loans decreased from 2. In this regard, we have continued to focus on developing leadership capabilities and overall technical skills through approximately training activities that were attended by approximately 9, employees.


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Allowances for loan losses as a percentage of total loans. As of the same date, MiPass had been used to carry out more than 20 million transactions. In order to achieve these goals, we improved customer experience by launching cutting-edge mobile banking solutions and applying world-class business intelligence methodologies.

Banco CrediChile also widened its customer base by adding approximatelynew payroll payment accounts cirrcular approximately 60, agreements for payroll credits. If for any reason, including changes in Chilean law, the depositary for our ADSs were unable to convert Chilean pesos to U.

We provide excellent financial services to all of our customer segments by offering creative and effective solutions while at the same time ensuring that we add value for our shareholders, employees and community as a whole. Under such laws, our shareholders may have fewer or circulra well-defined rights than they might have as shareholders of a corporation incorporated in a U.

Also, reputation is a key element in banking since access to funding is driven by the confidence of depositors and the opinion of ratings agencies on the value of our franchise. Current accounts and other demand deposits. Chilean disclosure requirements for publicly listed companies differ from those in the United States in some significant aspects. Icrcular are a party to collective bargaining agreements with various labor unions to which most of our employees belong. This vision requires initiatives to achieve comprehensive excellence in management, with customer satisfaction as our major goal.