Banco Santander Chile's Board of Directors Proposes to Payout 60% of 2010 Earnings

SANTIAGO, Chile, March 23, 2011 - Banco Santander Chile informs that in the ordinary board meeting held on
March 22, 2011, the Board of Banco Santander Chile agreed to summons an
Ordinary Shareholders Meeting on April 26, 2011, the agenda, among other
items, will include a proposition to distribute a dividend of Ch$1.519231 per
share, corresponding to 60% of 2010 net income attributable to shareholders.
It will also be proposed that the remaining 40% be destined to retained
earnings.

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, +562-320-8284, Fax: +562-671-6554, rmorenoh at santander.cl