November 10, 2016
Chile’s economy is growing around 2.5% per year, or merely half of its potential, according to Claudio Melandri Hinojosa, the country head of Grupo Santander in Chile. Banco Santander Chile is growing slightly faster than its competitors, but it is also positioning itself for when the economy picks up pace again by cutting costs and putting funding in place
“There is a great opportunity to grow the pie,” Melandri says, pointing out that 4 million Chilean workers do not have checking accounts and 600,000 small businesses lack access to formal credit markets.
Santander Chile recorded net income of 250 billion Chilean pesos ($377 million) in the first half of this year, up 6% on the same period
With a solid funding base and steady lending growth, Santander Chile is prepared to keep growing despite tighter regulations