Davis Polk advised Banco Santander Chile, as issuer, and Teatinos Siglo XXI Inversiones Ltda. (a wholly owned subdivision of Banco Santander, S.A.), as selling shareholder, on the secondary offering by the selling shareholder of 9,725,000 American Depositary Shares, representing 10,104,275,000 shares of common stock, of Banco Santander Chile, for an aggregate price to public of approximately US$650 million.

Banco Santander Chile is the largest bank in Chile in terms of total assets and shareholders' equity, with operations in commercial banking, retail banking, asset management and insurance. Banco Santander Chile is a member of the Santander Group, the principal financial group in Spain and one of the largest financial groups in the world in terms of market capitalization.

Santander Investment Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. were the underwriters of this offering.

The Davis Polk corporate team included partner Nicholas A. Kronfeld, associates Andreea Stan and Connor Kuratek and foreign temporary associate Alejandro Edwards (admitted only in the Republic of Chile). Associate Catherine L. Martin provided 1940 Act advice. The tax team included partner Michael Mollerus, counsel Leslie J. Altus and associate Changsheng (Eric) Song. Inés Velasco was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.