Obbligazione Santander Bank 0% ( US05967QAB86 ) in USD

Santander Bank

100 USD ⇌

Cile

US05967QAB86 ( in USD )

14/02/2014 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Banco Santander US05967QAB86 in USD 0%, scaduta

150 000 USD

250 000 000 USD

05967QAB8

Banco Santander è una delle più grandi banche al mondo per capitalizzazione di mercato, operante in Europa, America Latina e Stati Uniti, offrendo una vasta gamma di servizi finanziari.

The Obbligazione issued by Santander Bank ( Chile ) , in USD, with the ISIN code US05967QAB86, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 14/02/2014

The Obbligazione issued by Santander Bank ( Chile ) , in USD, with the ISIN code US05967QAB86, was rated NR by Moody's credit rating agency.

The Obbligazione issued by Santander Bank ( Chile ) , in USD, with the ISIN code US05967QAB86, was rated NR by Standard & Poor's ( S&P ) credit rating agency.

Base Prospectus
June 30, 2015

Banco Santander-Chile
(Santiago, Chile)
U.S.$5,500,000,000
Medium Term Notes Program
Under this U.S.$5,500,000,000 Medium-Term Notes Program (the "Program"), Banco Santander-Chile (the
"Issuer," the "Bank" or "Santander-Chile") may from time to time issue medium term notes ("Notes") which
may be issued on a subordinated or unsubordinated basis. The Notes will be denominated in any currency
agreed upon between the Issuer and the relevant Dealer (as defined below).
Application has been made to the Luxembourg Stock Exchange for Notes issued under the Program to be
listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Euro MTF
Market of the Luxembourg Stock Exchange (the "Euro MTF"). There can be no assurances that any Notes
issued under the Program will be listed on the Official List of the Luxembourg Stock Exchange and admitted
to trading on the Euro MTF. The Euro MTF of the Luxembourg Stock Exchange is not a regulated market
for the purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC). Notes issued
under the Program may also be admitted to trading or listed on any other or further stock exchange(s) or
may not be admitted to trading or listed.
This Base Prospectus (the "Prospectus") will be published in electronic form on the website of the
Luxembourg Stock Exchange (www.bourse.lu) and on the website of the Issuer (www.santander.cl). This
Prospectus may be used only for the purposes for which it has been published.

Arrangers
Deutsche
Bank
Santander
Dealers
BofA Merrill Lynch
BNP PARIBAS
Credit Suisse
Deutsche Bank
Deutsche Bank Securities
Goldman, Sachs & Co.
HSBC
J.P. Morgan
Mizuho Securities
Santander
Standard Chartered Bank

TABLE OF CONTENTS
Page

Responsibility Statement .................................................................................................................. ii
Important Notices.............................................................................................................................. ii
Certain Terms and Conventions ...................................................................................................... vi
Presentation of Financial Information ............................................................................................. vii
General Description of the Program ................................................................................................ ix
Overview of the Program .................................................................................................................. 1
Risk Factors .............................................................................................................................. 1
The Notes and the Program ...................................................................................................... 1
Risk Factors ...................................................................................................................................... 5
Banco Santander-Chile .................................................................................................................. 34
History and Development of the Issuer .................................................................................... 34
Annual Reports ........................................................................................................................ 43
Description of Chilean Financial Sector ......................................................................................... 44
Description of Chilean Banking Regulatory System ....................................................................... 45
Description of the Notes ................................................................................................................. 53
Form of Final Terms ....................................................................................................................... 83
Taxation .......................................................................................................................................... 88
Certain Benefit Plan Investor Considerations ................................................................................. 97
Special Provisions Relating to Foreign Currency Notes ................................................................ 99
Book Entry Clearance Systems .................................................................................................... 102
Transfer and Selling Restrictions .................................................................................................. 106
General Information ...................................................................................................................... 115
Plan of Distribution ....................................................................................................................... 117
Documents on Display .................................................................................................................. 118
Documents Incorporated by Reference ........................................................................................ 119
Names and Addresses ................................................................................................................. 121

i

RESPONSIBILITY STATEMENT
The Issuer with its registered office in Santiago, Chile is solely responsible for the information given in this
Prospectus. The Issuer hereby declares that to the best of its knowledge and belief, having taken all
reasonable care to ensure that such is the case, the information contained in this Prospectus is in
accordance with the facts and contains no omission likely to affect its import.
IMPORTANT NOTICES
Copies of Final Terms (as defined below) will be available from the registered office of the Issuer and the
specified office set out below of each of the Paying Agents (as defined below). Final Terms will be published
on the Luxembourg Stock Exchange's website at www.bourse.lu.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any
other documents incorporated herein by reference (see "Documents Incorporated by Reference"). Full
information on the Issuer and any Notes issued under the Program is only available on the basis of the
combination of this Prospectus (including any supplement and any document incorporated by reference
herein) and the relevant Final Terms.
No person is or has been authorized to give any information or to make any representations, other than
those contained in this Prospectus, in connection with the Program or the issue and sale of the Notes and, if
given or made, such information or representations must not be relied upon as having been authorized by
Santander-Chile. Neither the delivery of this Prospectus nor any sale made hereunder shall, under any
circumstances, create any implication that the information herein is correct as of any time subsequent to the
date hereof.
Neither this Prospectus nor any other information supplied in connection with the Program or any Notes (i) is
intended to provide the basis of any credit or other evaluation or (ii) should be considered as a
recommendation by the Issuer or any of the Dealers that any recipient of this Prospectus or any recipient of
any other information supplied in connection with the Program or any Notes should purchase any Notes.
Each investor contemplating purchasing any Notes should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this
Prospectus nor any other information supplied in connection with the Program or the issue of any Notes
constitutes an offer or invitation by or on behalf of the Issuer or any of the Dealers to subscribe for or to
purchase any Notes.
This Prospectus is valid for twelve months upon its date of publication and it and any supplement thereto as
well as any Final Terms reflect the status as of their respective dates of issue. Neither the delivery of this
Prospectus nor the offering, sale or delivery of any Notes shall in any circumstances imply that the
information contained in the related documents is accurate and complete subsequent to the date hereof or
that there has been no adverse change in the financial condition of the Issuer since such date or that any
other information supplied in connection with the Program is correct at any time subsequent to the date on
which it is supplied or, if different, the date indicated in the document containing the same.
For so long as any Notes remain outstanding, the Issuer will, in the event of any significant new factor,
material mistake or inaccuracy relating to information included in this Prospectus which is capable of
affecting the assessment of any Notes, prepare a supplement to this Prospectus or publish a new
Prospectus for use in connection with any subsequent issue of Notes.
The Notes in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered
within the United States of America (the "United States") or its possessions or to United States persons,
except in certain transactions permitted by United States Treasury Regulations. Terms used in this
paragraph have the meanings given to them by the U.S. Internal Revenue Code and the regulations
promulgated thereunder.
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The
distribution of this Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions.
The Issuer and the Dealers do not represent that this Prospectus may be lawfully distributed, or that any
Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any
ii

such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for
facilitating any such distribution or offering. Accordingly, no Notes may be offered or sold, directly or
indirectly, and neither this Prospectus nor any advertisement or other offering material may be distributed or
published in any jurisdiction, except under circumstances that will result in compliance with any applicable
laws and regulations. Persons into whose possession this Prospectus or any Notes may come must inform
themselves about, and observe, any such restrictions on the distribution of this Prospectus and the offering
and sale of Notes. In particular, there are restrictions on the distribution of this Prospectus and the offer or
sale of Notes in the United States, the European Economic Area (the "EEA") (and, in particular, without
limitation, in the United Kingdom, Luxembourg, France, Italy and the Netherlands), Australia, Brazil, Chile,
Dubai, Hong Kong, Japan, Peru, Singapore and Switzerland (see "Transfer and Selling Restrictions" on
pages 104 to 113). In making an investment decision, investors must rely on their own examination of the
Issuer and the terms of the Notes being offered, including the merits and risks involved. The Notes have not
been approved or disapproved by the United States Securities and Exchange Commission (the "SEC") or
any other securities commission or other regulatory authority in the United States, nor have the foregoing
authorities approved this Prospectus or confirmed the accuracy or the adequacy of the information
contained in this Prospectus. Any representation to the contrary is unlawful.
In particular, Notes have not been and will not be registered under the United States Securities Act of 1933,
as amended (the "Securities Act"), and may not be offered or sold in the United States or to, or for the
account or benefit of, U.S. persons unless the Notes are registered under the Securities Act or an exemption
from the registration requirements of the Securities Act is available. See "Description of the Notes Forms
of Notes" for a description of the manner in which Notes will be issued. Registered Notes are subject to
certain restrictions on transfer (see "Transfer and Selling Restrictions"). Registered Notes may be offered or
sold within the United States only to QIBs (as defined under "Description of the Notes Forms of Notes") in
transactions exempt from registration under the Securities Act (see "U.S. Information" below).
Neither this Prospectus nor any Final Terms may be used for the purpose of an offer or solicitation
by anyone in any jurisdiction in which such offer or solicitation is not authorized or to any person to
whom it is unlawful to make such an offer or solicitation.
Neither this Prospectus nor any Final Terms constitutes an offer or an invitation to subscribe for or purchase
any Notes and should not be considered as a recommendation or a statement of an opinion (or a report of
either of those things) by Santander-Chile, the Dealers or any of them that any recipient of this Prospectus
or any Final Terms should subscribe for or purchase any Notes. Each recipient of this Prospectus or any
Final Terms shall be taken to have made its own appraisal of the condition (financial or otherwise) of the
Issuer.
None of the Dealers or the Issuer makes any representation to any purchaser of the Notes regarding the
legality of its investment under any applicable laws. Any purchaser of the Notes should be able to bear the
economic risk of an investment in the Notes for an indefinite period of time.
Ratings
As of the date of this Prospectus, the Issuer has been rated "Aa3" by Moody's Investors Service, Inc., "A" by
Standard & Poor's International LLC and "A+" by Fitch Ratings Ltd. Moody's, Standard & Poor's International
LLC and Fitch Argentina Calificadora de Riesgo S.A. are not incorporated in the European Union or
currently registered in accordance with the Regulation (EC) No. 1060/2009 of the European Parliament and
of the Council of 16 September 2009 on credit rating agencies, amended by Regulation (EC) No. 513/2011,
Directive 2011/61/EU and Regulation (EU) No. 462/2013 (the "CRA Regulation"), nor have the ratings
given by these agencies been endorsed by a credit rating agency established in the European Union and
registered under the CRA Regulation. The European Securities and Markets Authority publishes on its
website (www.esma.europa.eu) a list of credit rating agencies registered in accordance with the CRA
Regulation. That list is updated within five working days following the adoption of a decision under Article 16,
17 or 20 of the CRA Regulation. The European Commission shall publish that updated list in the Official
Journal of the European Union within 30 days following such update.
The rating of a certain Series or Tranche of Notes to be issued under the Program may be specified in the
applicable Final Terms. Whether or not each credit rating applied for in relation to a relevant Series or
Tranche of Notes will be issued by a credit rating agency established in the European Union and registered
under the CRA Regulation will be disclosed clearly and prominently in the Final Terms.
iii

A rating is not a recommendation to buy, sell or hold Notes issued under the Program and may be subject to
suspension, reduction or withdrawal at any time by the assigning rating agency. A suspension, reduction or
withdrawal of the rating assigned to the Issuer may adversely affect the market price of the Notes issued
under the Program.
U.S. INFORMATION
This Prospectus is being submitted on a confidential basis in the United States to a limited number of QIBs
(as defined under "Description of the Notes Forms of Notes") for informational use solely in connection
with the consideration of the purchase of the Notes being offered hereby. Its use for any other purpose in the
United States is not authorized. It may not be copied or reproduced in whole or in part nor may it be
distributed or any of its contents disclosed to anyone other than the prospective investors to whom it is
originally submitted.
Registered Notes may be offered or sold within the United States only to QIBs in transactions exempt from
registration under the Securities Act. Each U.S. purchaser of Registered Notes is hereby notified that the
offer and sale of any Registered Notes to it may be made in reliance upon the exemption from the
registration requirements of the Securities Act provided by Rule 144A under the Securities Act ("Rule 144A").
Each purchaser or Noteholder represented by a Rule 144A Global Note (as defined under "Registered
Notes" below) or any Notes issued in registered form in exchange or substitution therefor (together
"Legended Notes") will be deemed, by its acceptance or purchase of any such Legended Notes, to have
made certain representations and agreements intended to restrict the resale or other transfer of such Notes
as set out in "Transfer and Selling Restrictions." Unless otherwise stated, terms used in this paragraph have
the meanings given to them in "Description of the Notes Forms of Notes."
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE
HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES WITH
THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A NOTE IS EFFECTIVELY REGISTERED OR
A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE
SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER CHAPTER 421-
B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN
EXEMPTION OR EXCEPTION IS AVAILABLE FOR A NOTE OR A TRANSACTION MEANS THAT THE
SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR
RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, NOTE OR TRANSACTION. IT IS
UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER
OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA
This Prospectus has been prepared on the basis that all offers of Notes in any Member State of the
European Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member
State") will be made pursuant to an exemption under the Prospectus Directive, from the requirement to
publish a prospectus for offers of Notes. Accordingly, any person making or intending to make any offer of
the Notes in any Relevant Member State may only do so in circumstances in which no obligation arises for
the Issuer or any of the Dealers to publish a prospectus pursuant to article 3 of the Prospectus Directive.
Neither the Issuer nor the Dealers have authorized, nor do they authorize, the making of any offer of the
Notes in circumstances in which an obligation arises for the Issuer or the Dealers to publish a prospectus for
such offer. The expression "Propsectus Directive" means Directive 2003/71/EC (and amendments thereto,
including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and
includes any relevant implementing measure in the Relevant Member State, and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU.
NOTICE TO INVESTORS IN THE UNITED KINGDOM
This Prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are
"qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive and that also (i) are
"investment professionals" as defined in Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net
iv

worth companies, unincorporated associations, etc.") of the Order, or (iii) are persons to whom an invitation
or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services
and Markets Act 2000 (the "FSMA")) in connection with the issue or sale of any Notes may otherwise
lawfully be communicated or caused to be communicated (all such persons together being referred to as
"relevant persons"). This Prospectus is directed only at relevant persons and must not be acted on or relied
on by persons who are not relevant persons. Any investment or investment activity to which this Prospectus
relates is available only to relevant persons and will be engaged in only with relevant persons.
AVAILABLE INFORMATION
To permit compliance with Rule 144A in connection with any resales or other transfers of Notes that are
"restricted securities" within the meaning of the Securities Act, the Issuer has undertaken in the Third
Amended and Restated Dealer Agreement dated June 30, 2015 (the "Third Amended and Restated
Dealer Agreement") to furnish, upon the request of a holder of such Notes or any beneficial interest therein,
to such holder or to a prospective purchaser designated by him, the information required to be delivered
under Rule 144A(d)(4) under the Securities Act if, at the time of the request, the Issuer is neither a reporting
company under section 13 or 15(d) of the U.S. Securities Exchange Act of 1934, as amended (the
"Exchange Act") nor exempt from reporting pursuant to Rule 12g3-2(b) thereunder.
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is a bank organized under the laws of Chile. All of its directors and executive officers and certain
experts named in this Prospectus reside outside the United States (principally in Chile and Spain) and
substantially all of its assets and the assets of these persons are located outside the United States. As a
result, it may be difficult for a holder of Notes to effect service of process within the United States on, or
bring actions or enforce foreign judgments against, the Issuer or these persons in U.S. courts.
In addition, the Issuer has been advised by Philippi, Prietocarrizosa & Uría, Chilean deal counsel, that no
treaty exists between the United States and Chile for the reciprocal enforcement of foreign judgments. There
is also doubt as to the enforceability in Chilean courts of judgments of U.S. courts obtained in actions
predicated upon the civil liability provisions of the U.S. federal securities laws. Chilean courts, however, have
enforced judgments rendered in the United States by virtue of the legal principles of reciprocity and comity,
subject to the review in Chile of the U.S. judgment in order to ascertain whether certain basic principles of
due process and public policy have been respected, without reviewing the merits of the subject matter of the
case. Lastly, the Issuer has been advised by Philippi, Prietocarrizosa & Uría that there is doubt as to the
enforceability in original actions in Chilean courts of liabilities predicated solely upon U.S. federal securities
laws.
The Issuer has appointed CT Corporation System, presently located at 111 Eighth Avenue, 13th Floor, New
York, New York, 10011, as its authorized agent upon which process may be served in any action which may
be instituted in any United States federal or state court having subject matter jurisdiction in the Borough of
Manhattan, The City of New York, New York arising out of or based upon the Notes or the fiscal agency
agreement governing the Notes. See "Description of the Notes."
In connection with the issue of any Tranche of Notes under the Program, the Dealer or Dealers (if
any) named as the stabilizing manager(s) in the applicable Final Terms (the "Stabilizing Managers")
(or persons acting on their behalf) may over-allot Notes, or effect transactions with a view to
supporting the market price of the Notes at a level higher than that which might otherwise prevail.
However, there is no assurance that the Stabilizing Manager(s) (or persons acting on their behalf)
will undertake stabilization action. Any stabilization action may begin on or after the date on which
adequate public disclosure of the final terms of the offer of the relevant Tranche of Notes is made
and, if begun, may be ended at any time, but it must end no later than 30 days after the date on
which the Issuer received the proceeds of the relevant Tranche of Notes or no later than 60 days
after the date of the allotment of the relevant Tranche of Notes, whichever is earlier.

v

CERTAIN TERMS AND CONVENTIONS
All references to "Santander Spain" are to the Issuer's parent company, Banco Santander, S.A. References
to the "Santander Group" or "Grupo Santander" are to the worldwide operations of the Santander Spain
conglomerate, as indirectly controlled by Santander Spain and its consolidated subsidiaries, including the
Issuer.
As used in this Prospectus, the term "billion" means one thousand million (1,000,000,000).
In this Prospectus, references to "$", "U.S.$", "U.S. dollars" and "dollars" are to United States dollars;
references to "Chilean pesos," "pesos" or "Ch$" are to Chilean pesos; references to "" "EUR," or "Euro"
are to the currency introduced at the start of the third stage of European economic and monetary union
pursuant to the Treaty establishing the European Community, as amended; and references to "UF" are to
Unidades de Fomento, which is an inflation-indexed Chilean monetary unit with a value in Chilean pesos
that changes daily to reflect changes in the official Consumer Price Index ("CPI") of the Instituto Nacional de
Estadísticas (the Chilean National Institute of Statistics) for the previous month.
In this Prospectus, references to the "Audit Committee" are to the Issuer's Comité de Directores y Auditoría.
In this Prospectus, references to the "BIS" are to the Bank for International Settlement, and references to the
"BIS ratio" are to the capital adequacy ratio as calculated in accordance with the Basel Capital Accord.
References to the "Central Bank" are to the Banco Central de Chile. References to the "SBIF" are to the
Chilean Superintendency of Banks and Financial Institutions.
vi

PRESENTATION OF FINANCIAL INFORMATION
General
Santander-Chile is a Chilean bank and maintains its financial books and records in Chilean pesos and
prepares its consolidated financial statements in accordance with International Financial Reporting
Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Any reference to
IFRS in this document is to IFRS as issued by the IASB.
The Issuer´s audited annual consolidated financial information included herein as of December 31, 2014
and 2013 and for the three years ended December 31, 2014, together with the notes thereto, has been
derived from Issuer´s audited annual consolidated financial statements prepared in accordance with IFRS
("2014 IFRS Consolidated Financial Statements") included in the 2014 Annual Report on Form 20-F for
the fiscal year ended December 31, 2014, filed on May 14, 2015 (hereinafter referred to as the "2014 IFRS
Annual Report"), which this Prospectus incorporates by reference.
As required by local regulations, the Issuer's locally filed consolidated financial statements have been
prepared in accordance with Chilean accounting principles issued by the SBIF ("Chilean Bank GAAP").
Chilean Bank GAAP principles are substantially similar to IFRS but there are some exceptions. For further
details and a discussion of the main differences between Chilean Bank GAAP and IFRS, see "Item 4.
Information on the Company--C. Business Overview--Differences between IFRS and Chilean Bank GAAP"
in the Issuer's 2014 IFRS Annual Report.
This Prospectus also incorporates by reference the Issuer's audited Chilean Bank GAAP consolidated
financial statements for fiscal years ended December 31 2014 and 2013 (the "2014 Chilean GAAP
Financial Statements") and fiscal years ended December 31, 2013 and 2012 (the "2013 Chilean GAAP
Financial Statements") (collectively the "Chilean Bank GAAP Consolidated Financial Statements").
No audited annual consolidated financial information included within this Prospectus has been extracted
from the Chilean Bank GAAP Consolidated Financial Statements.
Functional and Presentation Currency
The Chilean peso is the currency of the primary economic environment in which the Issuer operates and the
currency that influences its structure of costs and revenues, and in accordance with International Accounting
Standard 21 The Effects of Changes in Foreign Exchange Rates has been defined as the functional and
presentation currency. Accordingly, all balances and transactions denominated in currencies other than the
Chilean peso are treated as "foreign currency."
For presentation purposes, the Issuer has translated millions of Chilean pesos (Ch$ million) into thousands
of U.S. dollars (U.S.$ thousand) using the rate as indicated below under "Exchange Rates," for the financial
information included in this Prospectus.
Loans
All references herein (except in the 2014 IFRS Consolidated Financial Statements and the Chilean Bank
GAAP Consolidated Financial Statements) to loans are to loans and financial leases before deduction for
loan loss allowance, and, except as otherwise specified, all market share data presented herein is based on
information published periodically by the SBIF. Non-performing loans include the entire principal amount and
accrued but unpaid interest on loans for which either principal or interest is past-due for 90 days or more and
which do not accrue interest. Restructured loans for which no payments are past-due are not ordinarily
classified as non-performing loans.
Under IFRS, a loan is evaluated on each financial statement reporting date to determine whether objective
evidence of impairment exists. A loan will be impaired if, and only if, objective evidence of impairment exists
as a result of one or more events that occurred after the initial recognition of the loan, and such event or
events have an impact on the estimated future cash flows of such loan that can be reliably estimated. It may
not be possible to identify a single event that was the individual cause of the impairment.
vii

An impairment loss relating to a loan is calculated as the difference between the carrying amount of the
financial asset and the present value of estimated future cash flows discounted at the effective interest rate.
Individually significant loans are individually tested for impairment. The remaining financial assets are
evaluated collectively in groups with similar credit risk characteristics.
The reversal of an impairment loss occurs only if it can be objectively related to an event occurring after the
initial impairment loss was recorded. In the case of loans recorded at amortized cost, the reversal is
recorded in income.
Outstanding loans and the related percentages of the Issuer's loan portfolio consisting of corporate and
consumer loans are categorized based on the nature of the borrower and in accordance with the reporting
requirements of Chilean Bank GAAP, which are based on the type and term of loans.
Effect of Rounding
Certain figures included in this Prospectus and in the 2014 IFRS Consolidated Financial Statements and the
Chilean Bank GAAP Consolidated Financial Statements have been rounded up for ease of presentation.
Percentage figures included in this Prospectus have not in all cases been calculated on the basis of such
rounded figures but on the basis of such amounts prior to rounding. For this reason, certain percentage
amounts in this Prospectus may vary from those obtained by performing the same calculations using the
figures in the 2014 IFRS Consolidated Financial Statements. Certain other amounts that appear in this
Prospectus may not sum due to rounding.
Economic and Market Data
In this Prospectus unless otherwise indicated, all macroeconomic data related to the Chilean economy is
based on information published by the Central Bank, and all market share and other data related to the
Chilean financial system is based on information published by the SBIF and the Issuer's analysis of such
information. Information regarding the consolidated risk index of the Chilean financial system as a whole is
not available.
Exchange Rates
This Prospectus contains translations of certain Chilean peso amounts into U.S. dollars at specified rates
solely for convenience. These translations should not be construed as representations that the Chilean peso
amounts actually represent such U.S. dollar amounts, were converted from U.S. dollars at the rate indicated
in the 2014 IFRS Consolidated Financial Statements, could be converted into U.S. dollars at the rate
indicated or will be converted at all.
Unless otherwise indicated, all U.S. dollar amounts at any year end, for any period have been translated
from Chilean pesos based on the interbank market rate published by Reuters at 1:30 pm on the last
business day of the period. On December 31, 2014, 2013 and 2012, the exchange rate in the Informal
Exchange Market as published by Reuters at 1:30 pm on these days was Ch$608.33, Ch$524.20 and
Ch$478.85, respectively, or 0.16%, 0.08% and 0.05% more, respectively, than the exchange rate published
by the Central Bank for such date of Ch$607.38, Ch$523.76 and Ch$478.60, respectively, per U.S.$1.00.
The Federal Reserve Bank of New York does not report a noon buying rate for the Chilean peso. For more
information on the observed exchange rate, see "Item 3. Key Information--A. Selected Financial Data--
Exchange Rates" of the 2014 IFRS Annual Report.
As of December 31, 2014, 2013 and 2012, one UF was equivalent to Ch$24,627.10, Ch$23,309.56 and
Ch$22,840.75, respectively. The U.S. dollar equivalent of one UF was U.S.$40.55 as of December 31, 2014,
using the observed exchange rate reported by the Central Bank as of December 30, 2014 of Ch$ 607.38 per
U.S.$1.00.
viii

GENERAL DESCRIPTION OF THE PROGRAM
GENERAL
Under this Program, the Issuer may from time to time issue Notes to one or more of the following Dealers:
BNP Paribas, London Branch, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche
Bank Aktiengesellschaft, Deutsche Bank Securities Inc., Goldman, Sachs & Co., HSBC Securities (USA)
Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities
USA Inc., Santander Investment Securities Inc., Standard Chartered Bank and any other Dealer appointed
from time to time in accordance with the Third Amended and Restated Dealer Agreement which
appointment may be for a specific issue or on an ongoing basis (each a "Dealer" and together the
"Dealers"). References in this Prospectus to the "relevant Dealer" shall, in the case of an issue of Notes
being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to purchase such
Notes.
Each Series of Notes is issued either in bearer form or in registered form and Notes comprising each such
Series will be issued in each case in the nominal amount of the denomination specified (the "Specified
Denomination") in the applicable final terms (the "Final Terms"). The maximum aggregate principal amount
of all Notes from time to time outstanding under the Program will not exceed U.S.$5,500,000,000 (or its
equivalent in other currencies calculated as described in the Third Amended and Restated Dealer
Agreement), subject to increase in accordance with the terms of the Third Amended and Restated Dealer
Agreement.
Notes will be issued by the Issuer through its head office in Santiago, Chile.
Notes may be distributed by way of public offer (in jurisdictions in which a public offer of the Notes is
permitted) or private placement and, in each case, on a syndicated or non-syndicated basis. The method of
distribution of each Tranche will be stated in the applicable Final Terms.
Notes will be issued on a continuous basis in tranches (each a "Tranche"), each Tranche consisting of
Notes which are identical in all respects (including as to admission to trading and listing). One or more
Tranches which are (i) expressed to be consolidated and forming a single series and (ii) identical in all
respects (except for different issue dates, interest commencement dates, issue prices and dates for first
interest payments) may form a series ("Series") of Notes. Further Notes may be issued as part of existing
Series. The specific terms of each Tranche will be set forth in the applicable Final Terms.
Notes will be issued in such denominations as may be agreed between the Issuer and the relevant Dealer(s)
and as indicated in the applicable Final Terms. If the Notes are admitted to trading on a European Economic
Area regulated market or other trading platform or offered to the public in a Relevant Member State in
circumstances which would otherwise require the publication of a prospectus under the Prospectus Directive,
the minimum Specified Denomination of the Notes will be Euro 100,000 (or, if the Notes are denominated in
a currency other than the Euro, the equivalent amount in such currency) or such higher amount as may be
allowed or required from time to time by the relevant Central Bank (or equivalent body) or any laws or
regulations applicable to the relevant Specified Currency.
Notes may be issued at an issue price which is at par or at a discount to, or premium over, par, as specified
in the applicable Final Terms.
References in this Prospectus to Notes which are intended to be listed (and all related references) shall
mean that such Notes have been admitted to trading on the Euro MTF and have been listed on the Official
List of the Luxembourg Stock Exchange. The Euro MTF of the Luxembourg Stock Exchange is not a
regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC).
The Program provides that Notes may be listed or admitted to trading on other or further stock exchanges
including, but not limited to, the Frankfurt Stock Exchange and the SIX Swiss Exchange, as may be agreed
between the Issuer and the relevant Dealer(s) in relation to each issue. The Issuer may also issue unlisted
Notes and/or Notes not admitted to trading on any market.
Prospective purchasers of Notes should ensure that they understand the nature of the relevant
Notes and the extent of their exposure to risks and that they consider the suitability of the relevant
Notes as an investment in the light of their own financial situation. Certain issues of Notes involve a
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