SANTIAGO, Chile, April 30, 2020 (GLOBE NEWSWIRE) -- Santander Chile had its Annual Shareholder’s Meeting today, held remotely to minimize physical contact due to the COVID-19 spread. Among the various topics that were voted on this year included the Board of Director elections. The following directors were finally elected: Claudio Melandri (also President of the Board and Country Head), Alfonso Gómez (independent), Rodrigo Vergara (independent), Félix de Vicente Mingo (independent), Orlando Poblete (independent), Juan Pedro Santa María (independent), Ana Dorrego, Rodrigo Echenique, and Lucia Santa Cruz. Additionally, Oscar von Chrismar and Blanca Bustamente were elected as Alternate Directors.
Furthermore, the payment of dividend for Ch$0.87891310 per share, equivalent to 30% of 2019 net income attributable to shareholders was also approved. Based on the closing price of the record date, the dividend yield amounted to 2.7%. The Board recognizes Santander Chile’s solid capital levels and good credit risk management, but as a measure of prudence decided to temporarily reduce payout until there is greater clarity regarding the evolution of global and local events and as a mechanism to maintain credit growth to clients.
Additionally, it was decided to hire Feller Rate instead of ICR Chile for the local ratings, given that the fee proposal of the former company was more convenient than the latter company.
About Banco Santander
Banco Santander Chile is the largest bank in the Chilean market in terms of loans and assets. As of March 31, 2020, the Bank had total assets of Ch$ 59,310 billion, loans net of provisions of Ch$ 33,435 billion, deposits of Ch$ 25,258 billion, and total equity of Ch$ 3,574 billion. The BIS capital ratio as of March 2019 was 12.7%, with a core capital ratio of 9.7%. Banco Santander Chile is one of the companies with the highest risk classifications in Latin America with an A1 rating from Moody's, A from Fitch, A from Standard and Poor's, and A+ from Japan Credit Rating Agency.