Banco Santander Chile Announcement of Annual Dividend

Rhea-AI Summary

Banco Santander Chile (BSAC) announced a dividend of Ch$ 1.64751729 per share to be approved at the Annual Shareholders’ Meeting on April 29, 2021. Shareholders will receive the dividend on April 30, 2021, with record dates set for April 23 for ADR holders and April 24 for local shareholders. The net dividend after a 23.9% withholding tax will be Ch$ 1.25369294. Foreign shareholders may have different withholding rates depending on their tax residency status. Banco Santander Chile is the largest bank in Chile, with total assets of US$ 78.3 billion.

Positive

• Dividend of Ch$ 1.64751729 per share approved for shareholders.
• Net dividend payable increases shareholder income to Ch$ 1.25369294.

Negative

• Foreign shareholders may incur a high withholding tax of 23.9% on dividends.

SANTIAGO, Chile, April 16, 2021 (GLOBE NEWSWIRE) -- As previously informed, Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) at its Annual Shareholders’ Meeting to be held on April 29, 2021, shareholders will be asked for their approval for dividend of Ch$ 1.64751729 per share. The dividend will be available to shareholders on April 30, 2021 to ADR holders of record on April 23, 2021 and local shareholders on April 24, 2021.

The net dividend payable after withholding tax, will be the following:

	Amount per share (Chilean pesos)
Gross Dividend	Ch$ 1.64751729
Net Withholding Tax (23.904110%)	Ch$ 0.39382435
Net Dividend Payable	Ch$ 1.25369294

The amounts indicated above have been determined considering that the foreign shareholders have the obligation to restitute the 35% of total First Category Income Tax credit assigned, as a tax debit. It is important to point out that any foreign shareholders not subject to restitution obligation, must submit the respective Certificate of Tax Residence issued by the corresponding authority for those ADR holders on record as of April 23, 2021. In such case, the amount of the dividend would be as indicated below:

	Amount per share (Chilean pesos)
Gross Dividend	Ch$ 1.64751729
Net Withholding Tax (10.958905%)	Ch$ 0.18054985
Net Dividend Payable	Ch$ 1.46696743

DR investors, through their brokers, can certify their position to the applicable withholding tax rate in the DTC Corporate Action System by April 27, 2021.  DR investors must send their Certificates of Residency to their brokers by April 26, 2021.

Banco Santander Chile is the largest bank in the Chilean market in terms of loans and assets. As of December 31, 2020, the Bank had total assets of US$ 78.3 billion, loans net of provisions of US$ 46.9 billion, deposits of US$ 35.3 billion, and total equity of US$ 5.1 billion. The BIS capital ratio as of December 31, 2020 was 15.4%, with a core capital ratio of 10.7%. 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 Standard and Poor's, and A+ from Japan Credit Rating Agency.

CONTACT INFORMATION
Robert Moreno
Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Tel: (562) 2320-8284

FAQ

What is the dividend amount for Banco Santander Chile (BSAC)?

The dividend amount is Ch$ 1.64751729 per share.

When will the dividend for Banco Santander Chile (BSAC) be paid?

The dividend will be paid on April 30, 2021.

What is the net dividend after taxes for Banco Santander Chile (BSAC)?

The net dividend after a 23.9% withholding tax will be Ch$ 1.25369294.

What are the record dates for the dividend payment for BSAC?

The record date for ADR holders is April 23, 2021, and for local shareholders, it is April 24, 2021.

How does withholding tax affect dividends for foreign shareholders of BSAC?

Foreign shareholders may face a withholding tax of 23.9%, affecting their net dividend.