November 1, 2010
"We focused a lot on selective loan growth, especially to SMEs and also made a big push to increase selling of products to existing clients," says Robert Moreno, manager of the banks investor relations and strategy.
Fitch upgraded the bank in October to AA- (stable) from A+ to reflect potential support from the Spanish parent given the Chilean units strategic importance. The agency notes Santanders leading market share in Chile and a track record of strong profitability, healthy asset quality and good capital adequacy.
Santander Chile says it has a 20% market share of loans, an equivalent to $27 billion. It also says it has 34% of retail online banking, equivalent to 37
Santander Chile says its strength has come from growing selectively and increasing sales without expanding the client base too much, so that it can control risk.