Banco Santander Chile was incorporated on September 7, 1977 in the state of Chile. It provides commercial and retail banking services to its customers, including Chilean peso and foreign currency denominated loans to finance a variety of commercial transactions, trade, foreign currency forward contracts and credit lines and a variety of retail banking services, including mortgage financing. In addition to its traditional banking operations, it offers a variety of financial services including financial leasing, financial advisory services, mutual fund management, securities brokerage, insurance brokerage and investment management. It provides a range of financial services to corporate and individual customers. The Company divides its clients into the following segments: Retail (individuals, small businesses and institutional), Companies and Institutions, and Global Banking and Market. The Chilean financial services market consists of a variety of distinct sector. Commercial banking includes a number of privately-owned banks and one public-sector bank, Banco del Estado (which operates within the same legal and regulatory framework as the private sector banks). It faces competition from non-bank and non-finance competitors, principally department stores, credit unions and cajas de compensación with respect to some of its credit products, such as credit cards, consumer loans and insurance brokerage. Chilean banks are mainly subject to the General Banking Law and secondarily, to the extent not inconsistent with this statute, the provisions of the Chilean Companies Law governing public corporations, except for certain provisions which are expressly excluded.