Santander Chile Urges Swift Action on Key Economic Reforms for Investment Boom
Following Chile’s landmark pension agreement, Santander Chile’s President Claudio Melandri is calling for urgent action to resolve lingering uncertainties surrounding taxes, permits, and security. In his annual letter to shareholders, published last week, Melandri emphasized that resolving these issues is crucial to unlock a new wave of economic growth and investment in Chile.
Melandri stated that “only in this way can we create an environment conducive to growth and investment, essential elements for economic and social well-being, which brought so much benefit to the country in the first decade of this century.” He stressed that clearly defined “rules of the game” are essential for fostering investor confidence, enabling businesses to plan and execute projects with greater certainty and stability. This call to action comes as Chile navigates a complex economic landscape, seeking to reignite growth and attract foreign investment.
Despite what he called “a challenging year,” Melandri celebrated Santander Chile’s strong performance in 2024, highlighting a return to industry-leading profitability in the second half of the year. He noted this success came after overcoming financial positions tied to the pandemic and high inflation of 2022 and 2023. “This achievement reflects our financial strength and the trust that our clients and shareholders place in us,” he affirmed. He acknowledged that the bank’s performance was particularly noteworthy given the backdrop of overall low economic growth and subdued bank lending growth compared to the past 30 years.
Meanwhile, Román Blanco, General Manager and Country Head, underscored the bank’s digital strides, reporting over 4.3 million users, including 2.2 million digital customers and a 23.2% market share in current accounts. He attributed this growth, in part, to the success of digital products like Más Lucas and Más Lucas Joven, demonstrating Santander’s commitment to innovation and customer-centric solutions.
Blanco also highlighted Santander Chile’s pioneering technological transformation, noting the successful implementation of “Gravity,” a cloud-native digital platform developed by the Group. This groundbreaking move positions Santander Chile as the first major bank in Chile, and among the first globally, to digitize its core banking system with proprietary software. This digital core powers key financial transactions like transfers, deposits, and loans, and its modernization promises greater flexibility, speed, efficiency, and security, ultimately enhancing the customer experience. This positions the bank at the forefront of the future of banking in Chile.
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