52065 - SanChile RSF V

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Summary of Investment Information

Project Number

52065

Company Name

Santander Chile RSF

Date SPI Disclosed

Jan 26, 2026

Country

Chile

Region

Latin America and the Caribbean

Projected Board Date

Dec 19, 2025

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jan 26, 2026

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Dec 19, 2025
Signed : Dec 22, 2025
Invested : Dec 22, 2025

Sector

Commercial Banking - General

Project Description

SanChile RSF V consists of an unfunded risk-sharing facility (“RSF”) with Banco Santander Chile (“Santander”, “Santander Chile” or the “Bank”) targeting a trade finance credit portfolio, totaling at least US$500 mm, with an IFC gross exposure of up to US$400 million (the “Project”). The Project provides an efficient risk-mitigation tool for Santander to optimize its capital usage and redeploy the freed capital into micro, small and medium enterprise (MSME) loans in Chile, with at least 50% being redeployed to MSMEs investing in energy efficiency initiatives, waste management and low-carbon transportation assets.

To optimize the credit protection provided to the Bank, IFC mobilized a third-party investor to provide first-loss protection to IFC.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	436.0
Loan
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Guarantee	Loans to MSME (mix of Micro and SME)
Purchased Guarantee	Loans to MSME (mix of Micro and SME)

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant, expected Project-level outcome is increased access to finance for MSMEs in Chile, including those seeking to finance clean energy and more-efficient transportation assets. Beyond this outcome, IFC anticipates that the investment will foster a more efficient and innovative MSME finance market in Chile by demonstrating a business case for providing tailored climate financing for MSMEs.

IFC's additionality in the Project is financial through the following two claims: (i) Financing Structure, and (ii) Resource Mobilization. IFC is set to provide Santander Chile with a US$400 million risk-sharing guarantee. This investment structure is particularly valuable for Santander Chile as it enables optimized capital deployment and enhances operational efficiency. Additionally, IFC has global knowledge to help financial institutions build capacity in developing these products, which have significant regulatory and operational complexity. IFC has played a pioneering role in the Chilean market by consistently innovating in the design and implementation of RSFs, particularly in partnership with Santander Chile. These initiatives have not only benefited Santander Chile directly but have also catalyzed broader market development. IFC's role also extends to resource mobilization. As part of the investment, a third-party investor was invited to assume a junior tranche in the Project for the direct benefit of IFC.

Indicator	Metrics	Comments
MSME share of total loan portfolio	%
Number of Outstanding Loans, Climate: MSMEs	number
Number of Outstanding Loans, MSMEs	number

E&S Category Rationale / Risks and Mitigation

The Project consists of a risk-sharing transaction with Banco Santander Chile on a portfolio of trade finance corporate loans for at least US$500 million that will allow the Bank to redeploy capital to support its lending program to MSME loans in Chile, with at least 50% being redeployed to MSMEs investing in climate assets. Potential E&S risks and impacts associated with the Project are likely to be medium, therefore this transaction has been categorized as FI-2 according to IFC’s Sustainability Framework. The project will not support coal related activities nor higher risk business activities.

IFC’s applicable E&S requirements for this project will be the IFC Exclusion List, relevant E&S laws and regulations, as well as screening out higher-risk sub-projects, that may include: (i) involuntary resettlement; (ii) risk of adverse impacts on indigenous peoples; (iii) significant risks to or impacts on the environment, community, health and safety, biodiversity or cultural heritage; (iv) retrenchment; or (v) significant occupational health and safety risks (e.g., risk of serious injury or fatality to workers).

Santander Chile has an ESMS aligned with the Santander Group’s responsible finance strategy and global risk policies, complemented by local procedures tailored to the Chilean market context. The Bank’s E&S risk approach applies to the corporate segment, covers prohibited activities, and defines criteria to integrate E&S factors into credit appraisals based on the sub client’s economic activity and business line. The ESMS process covers the risk cycle – identification, assessment, classification, mitigation, and reporting. This framework enables the Bank both to exclude higher-risk sub-projects, as required under the terms of the facility, and to manage the E&S risks within its portfolio. Santander Chile has a communication channel dedicated to facilitating engagement between the Bank and its stakeholders, both internal and external to the organization.

As part of this project, Santander Chile will be required to maintain its existing E&S risk screening procedures to assess and manage risks associated with the supported asset classes. The Bank will remain committed to applying its labor standards, which are broadly aligned with the requirements of IFC Performance Standard 2 (Labor and Working Conditions), and encompass policies and procedures to address sexual exploitation, abuse and harassment (SEAH), including a grievance mechanism. Santander Chile will provide a periodic report to IFC.

S.no	Title	Anticipated Completion Date
1	ESMS Enhancement	03/22/2026
2	Implement staff training	06/22/2026

Contacts

For Inquiries About the Project, Contact

Banco Santander Chile
Felipe Salles Santo
Head Capital and Profitability Management
+56 9 71403058
felipe.salles@santander.cl
Bandera 140 piso 19. Santiago, Chile
https://santandercl.gcs-web.com/

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