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Subsequent Events
 12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 40

SUBSEQUENT EVENTS

 

Bond issuance and repurchase

 

On January 7, 2020 Banco Santander Chile placed a bond with a 5 year term for an amounted of U.S.$750 million under the Rule 144-A of Securities Exchange Commission of United States.

 

On January 21, 2020, the Bank placed a Subordinated bond for an amount of U.S.$200 million.

 

On February 4, 2020, the Bank placed a Senior bond for an amount of UF2,000,000.

 

The Bank has performed the following bond repurchases during 2020:

 

Date  UF     Date  Ch$  
01-02-2020   375.000     01-13-2020   50.000.000  
01-14-2020   131.000     01-14-2020   9.820.000.000  
01-21-2020   171.000     01-15-2020   400.000.000  
01-21-2020   181.000     01-21-2020   330.000.000  
01-24-2020   2.000     01-22-2020   11.430.000.000  
02-17-2020   15,000            
02-17-2020   2,000            
02-18-2020   50,000            
02-18-2020   4,000            
02-20-2020   350,000            
02-20-2020   115,000            
02-21-2020   57,000            
02-21-2020   24,000            
02-24-2020   10,000            
02-24-2020   250,000            

 

Investment in associated and affiliates

 

a.Nexus

On January 22, 2020 Banco Itau-Corpbanca purchased the remaining shares held by Banco Santander in Nexus (79,577 shares), whit this, the sale process of Nexus has conclude. The investment in this company was classified as assets held for sale in June 2019.

 

b.Santander Consumer S.A. ("Consumer")

On January 7, 2020 at the Extraordinary Shareholders Meeting, the members agreed to modify the business structure of Santander Consumer Chile to a limited liability company (responsabilidad limitada), which will operate under the corporate name Santander Consumer Finance Limitada.

 

c.Santander S.A. Sociedad Securitizadora

On January, 16, 2020, the company sent a "Material Fact" (Hecho Esencial) notifying that at the Extraordinary Shareholder Meeting held on January 15, 2020, the members agreed to modify the capital increase agreement dated on November 27, 2018, without changing the number of shares (280 ordinary registered shares, with a singles series and without nominal value).

  

New regulations

 

On January 27, 2020, Financial Market Commission (FMC) issued two papers draft for comments related to credit-risk weighted assets and capital buffer requirements for the framework of modernization of the Chilean Banking Law (LGB), in accordance with new Basel III requirements.

 

On February 24, 2020 was published in the "Diario official" Law 21,210 which will be effective from the first quarter of 2020. The modification includes changes to income tax law, VAT tax and Tax Code. The Bank is reviewing any potential impact on the implementation of the new tax regulations.

 

No other subsequent events to be disclose have occurred between January 1, 2020 and the authorization date of these financial statement (March 6, 2020).