Banco Santander Chile Establishes a Medium Term Note Program for US$5.5 Billion

SANTIAGO, Chile, March 18, 2011 - Banco Santander Chile (NYSE: SAN; SSE: Bsantander) announced today that
it has established a US$5.5 billion Medium Term Notes Program. Under this
program, Banco Santander Chile will be able to issue medium term notes, which
may be issued on a subordinated or unsubordinated basis. The notes will be
denominated in any currency agreed between the Issuer and the relevant
Dealers. Notes may be distributed only: (i) to qualified institutional buyers
(as defined in Rule 144A under the U.S. Securities Act of 1933 (the
"Securities Act")) and (ii) outside the United States to persons other than
U.S. persons (as such terms are defined in Regulation S under the Securities
Act) by way of private or public placement, in each case on a syndicated or
non-syndicated basis.

An application has been made to the Luxembourg Stock Exchange for notes
issued under the Program to be admitted to trading on the Luxembourg Stock
Exchange's regulated market and to be listed on the Official List of the
Luxembourg Stock Exchange.

These notes will not be and have not been registered under the Securities
Act and have not and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements
under the U.S. securities laws. This announcement does not constitute an
offer to sell, or a solicitation of offer to purchase, securities in the
United States.

INSTITUTIONAL BACKGROUND

As per the latest public records published by the Superintendency of
Banks of Chile for December 2010, Banco Santander Chile was the largest bank
in terms of assets, loans and equity. As of December 31, 2010, we had total
assets of Ch$22,082,219 million (US$47.2 billion), loans net of allowances
outstanding of Ch$15,215,318 million (US$32.5 billion), total deposits of
Ch$11,495,191 million (US$24.6 billion) and shareholders' equity of
Ch$1,831,798 million (US$3.9 billion). As of December 31, 2010, we employed
11,001 people and had the largest private branch network in Chile with 504
branches. Our headquarters are located in Santiago and we operate in every
major region of Chile. The Bank's main shareholder is Santander (NYSE: STD),
which controls 75.0% of Banco Santander Chile.

For more information, see www.santander.cl

    CONTACT INFORMATION
    -------------------
    Robert Moreno
    Manager, Investor Relations Department
    Banco Santander Chile
    Bandera 140 Piso 19
    Santiago, Chile
    Tel: (562) 320-8284
    Fax: (562) 671-6554
    Email: rmorenoh@santander.cl
    Website:www.santander.cl

Robert Moreno, Manager, Investor Relations Department, Banco Santander Chile, Tel: +011-562-320-8284, Fax: +011-562-671-6554, rmorenoh at santander.cl