Banco Santander Chile's Board Announces its Annual Dividend Proposal to Shareholders

SANTIAGO, Chile, March 24, 2010 - Banco Santander Chile's (NYSE: SAN) Board yesterday decided to summon an
Annual Ordinary Shareholder Meeting on April 27, 2010 at the Bank's
headquarters. Among other issues, the Board will propose to shareholders the
payment of an annual dividend of Ch$1.37308147 per share. If approved, this
dividend will represent a 21.3% increase compared to the dividend paid in
2009.

Institutional Background

As per the latest public records published by the Superintendency of
Banks of Chile for December 2009, Banco Santander Chile was the largest bank
in terms of loans and second in deposits. The Bank has the highest credit
ratings among all Latin American companies, with an A+ rating from Standard
and Poor's, A+ by Fitch and A1 by Moody's, which are the same ratings
assigned to the Republic of Chile. The stock is traded on the New York Stock
Exchange (NYSE: SAN) and the Santiago Stock Exchange (SSE: Bsantander). The
Bank's main shareholder is Santander, which controls 76.91% of Banco
Santander Chile.

For more information see www.santander.cl

Banco Santander (SAN.MC, STD.N) is a retail and commercial bank based in
Spain. Santander has more than 90 million customers, 13,660 branches — more
than any other international bank — and 169,460 employees around the world.
It is the largest financial group in Spain and Latin America, with leading
positions in the United Kingdom and Portugal and a broad presence in Europe
through its Santander Consumer Finance arm. In 2009, Santander registered EUR
8,943 million in net attributable profit. Banco Santander's eligible capital
at the close of the third quarter came to EUR 79,704 million, with a surplus
of EUR 34,769 million above the required regulatory minimum. With this
capital base, the BIS ratio, using Basel II criteria, comes to 14.2%, Tier I
to 10.1% and core capital 8.6%. These ratios place Santander among the most
solvent banks in the world.

More information at www.santander.com

Website: 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

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