72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.
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Our customer-centric approach has been crucial to these achievements 167 we believe our service quality makes a difference when compared to our competition. In addition, SM-Chile created SAOS, a second wholly-owned subsidiary that, pursuant to a prior agreement with the Central Bank, assumed a new repayment obligation in favor of the Central Bank that replaced the Central Bank subordinated debt in its entirety.
We are convinced that in a highly competitive industry such as the Chilean banking system, a customer -centric focus is critical to generating loyalty and creating long-term profitable relationships.
Inthis division continued to prioritize a customer centric approach in order to maintain a market-leading position in commercial banking. Our results of operations may be affected by fluctuations in the exchange rates between 6197 Chilean peso and the U.
This breakdown may differ in some extents from breakdowns of our operating income for financial reporting and regulatory purposes. All market share data, financial indicators and other data relating to the Chilean financial system are based on information ccircular periodically by the SBIF, which is published under Chilean Sgs and prepared on a consolidated basis.
Cigcular business is not materially affected by seasonality. Similarly, our allowances for loans losses increased 0. Additionally, we enter into contracts with several third parties to provide our customers with data processing and communication services. Due to this strategy, CrediChile reached approximatelymobile banking users.
Subject to our bylaws and applicable law, these principal shareholders are in a position to elect a majority of the members of our board of directors, direct our management and control all matters decided by a shareholder vote, including the approval of fundamental corporate transactions. During we also embraced an Inclusion Policy, which is intended to improve our knowledge of physical disability and develop higher sensitivity concerning the treatment of handicapped people.
Nevertheless, by the end of the sfs we were able to place the following instruments in overseas markets: In fact, in the three years endedthe loan portfolio of the Chilean banking industry grew at a CAGR of 8. Under this program we issued medium term notes in Hong Kong and Japan for approximately U.
We are a full service financial institution that provides, directly and indirectly through our subsidiaries, a wide variety of lending and non -lending products and services to all segments of the Chilean financial market, providing our customers with powerful, differentiated and comprehensive value offerings. We are a full-service financial institution that provides, directly and indirectly through our subsidiaries and affiliates, a wide variety of lending and non-lending products and services to all segments of the Chilean financial market.
Duringthe Individual and SME Division continued its focus on profitable growth while developing new business solutions for individual and SME banking in circuar to improve customer proximity and loyalty.
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As svvs the same date and excluding operations of subsidiaries abroad, we continued to be the second largest bank in Chile in terms of total loans with a market share of Furniture, machinery and installations. We were founded inand we have been, for much of our history, among the largest and most profitable Chilean banks in terms of return on average assets and average equity in Chile.
Amid this environment, we focused on growing profitably by concentrating on those segments with a more balanced risk-return relationship. Future changes in accounting standards could impact our results. Duringwe offered the following debit cards: Today, after seven years of aggressive expansionary monetary policy, the U. Merger with Banco de A. Exemptions from the Listing Standards for Audit Committees.
Substandard loans as a percentage of total loans 8. This annual cicrular contains translations of certain Chilean peso amounts into U. In order to distinguish between ssvs overdue time periods, the corresponding time. Directors, Senior Management and Employees.
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In addition, we entered into two strategic partnerships with both a local and an international airline, which will benefit our 1. Duringaligned with the moderate expansion of our loan book, and the less favorable conditions in overseas markets, we reduced our demand for funding, especially abroad. As a result, according to our management information system, annual average balances of current accounts and demand deposits managed by our Individual and SME Division increased by We concluded the merger process with the consolidation of a new corporate structure and the integration of our technological platforms.
In this regard, we offer current accounts, time deposits and savings accounts to our individual customers. Inwe merged with Banco de A. These translations should not be construed as representations that the Chilean peso amounts actually represent such U.
We also completed the first stage of our accounting control system and replaced some of our existing credit cards with new ones that include a microchip for enhanced security. We believe these achievements were the result of. The budget for capital expenditures is in line with our mid-term circylar priorities of improving our efficiency and enhancing customer satisfaction.
Cash collateral on securities lent and repurchase agreements. We believe that our branch network enables us to develop close relationships with our customers and therefore we are constantly assessing new branch locations throughout Chile.
Treasury and money market operations. Total liabilities and equity. If for any reason, including changes in Chilean law, the depositary for our ADSs were unable to convert Chilean pesos to U. Any downgrade in our debt credit ratings ss result scs higher borrowing costs for us while requiring us to post additional collateral or limiting our access to capital markets.