Banco Santander and LATAM Pass renew their historic alliance, reaffirming the leadership of the loyalty program in Chile

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Banco Santander Chile (NYSE: BSAC) and LATAM Airlines Group have renewed their strategic alliance for another five years, extending their 30-year partnership in Chile's leading loyalty program. The LATAM Pass program facilitates approximately 2 million ticket redemptions annually, equivalent to 3,415 A320 aircraft worth of passengers.

The program has experienced significant growth, with over 51 million members globally, representing a 40% increase since 2019. The Santander LATAM Pass alliance currently serves more than 688,000 customers in Chile. As of June 2025, Banco Santander Chile reported total assets of US$69.4 billion, with a strong BIS capital ratio of 17.0%.

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• This renewal ensures the continuity of the longest-standing alliance in the country, which enables the redemption of around 2 million tickets per year on average.
• This milestone drives the alliance to continue innovating in its product value proposition, reaffirming the commitment to continuously enhance the travel experience of the program’s members.

SANTIAGO, Chile, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) and LATAM Airlines Group S.A. (NYSE: LTM; SSE: LTM) have renewed their strategic alliance for another five years, consolidating over three decades of collaboration. This partnership has enabled the development of the most recognized loyalty program in the Chilean market, connecting millions of people with travel-related benefits and LATAM Pass program services.

Over the past 30 years, the alliance has consistently received high customer appreciation. To illustrate the scale of the partnership, an average of around 2 million airline tickets are redeemed each year through miles accumulated via the bank’s products. This is equivalent to operating 3,415 A320 aircraft exclusively with alliance passengers. In addition, alliance members have enjoyed an enhanced flying experience thanks to the benefits offered by the affiliated credit cards.

Andrés Trautmann, Country Head of Banco Santander Chile, stated: “With more than 30 years of history, this alliance has become a cornerstone of our daily relationship with customers. Its renewal is a strategic decision aimed at strengthening and projecting into the future a value proposition that has proven to be relevant and widely appreciated by those who place their trust in us.”

“We are thrilled to renew this alliance with Banco Santander, a strategic partner for LATAM Pass, with whom we aim to continue creating value for customers. This milestone continues a historic relationship and reaffirms our commitment to elevating the travel experience of every one of our members. At LATAM Pass, we will continue working to offer unique benefits and unforgettable experiences through the region’s leading loyalty program,” said Roberto Alvo, CEO of the LATAM Group.

Currently, the LATAM Pass program has over 51 million members worldwide and has grown by 40% since 2019, making it the fourth-largest loyalty program in the Americas and the seventh-largest globally.

Meanwhile, the Santander LATAM Pass alliance currently has more than 688,000 customers, making it the most established, valued, and important loyalty program in Chile.

Photo caption (from left to right): Cristian Ortiz, CEO of LATAM Pass; Roberto Alvo, CEO of the LATAM Group; Andrés Trautmann, CEO of Banco Santander Chile; and Ángel García, Payments Manager.

About Banco Santander Chile
Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody's, A- from Standard & Poor's, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report.

As of June 30, 2025, the bank had total assets of Ch$66,188,442 million (US$69,371 million), total gross loans (including those owed by banks) at amortized cost of Ch$40,942,542 million (US$42,911 million), total deposits of Ch$29,614,613 million (US$31,039 million), and shareholders' equity was $4,514,322 million (US$4,731 million). The BIS capital ratio was 17.0%, with a core capital ratio of 10.9%. As of June 30, 2025, Santander Chile employed 8,660 people and had 231 branches throughout Chile.

About The LATAM Pass loyalty program
The LATAM Pass loyalty program allows its members to earn miles by flying, using credit cards, and interacting with participating merchants. These miles can then be redeemed for flights and products available on the LATAM Pass Shopping platform. Members can also access exclusive benefits—depending on their tier—to enhance their onboard experience. The list of participating merchants can be found on the program’s website.

CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, 20^th Floor
Santiago, Chile
Email: irelations@santander.cl
Website: www.ir.santander.cl

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8be95e72-9da6-4a60-9c72-300ae95ad1e4

FAQ

What is the duration of the renewed partnership between Banco Santander Chile (NYSE: BSAC) and LATAM Airlines?

The partnership has been renewed for another five years, building upon their existing 30-year collaboration.

How many members does the LATAM Pass program have in 2025?

LATAM Pass has over 51 million members worldwide, making it the fourth-largest loyalty program in the Americas and seventh-largest globally.

How many customers does the Santander LATAM Pass alliance serve in Chile?

The Santander LATAM Pass alliance serves more than 688,000 customers in Chile, making it the country's most established loyalty program.

What is Banco Santander Chile's (BSAC) financial position as of June 2025?

As of June 2025, Banco Santander Chile had total assets of US$69.4 billion, total gross loans of US$42.9 billion, and a BIS capital ratio of 17.0%.

How many airline tickets are redeemed annually through the Santander-LATAM Pass alliance?

The alliance enables the redemption of approximately 2 million airline tickets per year, equivalent to operating 3,415 A320 aircraft with alliance passengers.