Zuluzuru Any such change in terms of capital adequacy, liquidity, credit risk provisioning, consumer protection, bankruptcy, taxation, among other matters, could have a material adverse effect on our results of operations or financial condition in a fashion that we cannot determine in advance. Lastly, we continue to focus on internet-based and mobile banking to experience the benefits of evs multi-channel approach. Bank regulatory capital as a percentage of minimum regulatory capital. In order to better serve our customers, we are present in all regions of Chile and strive to be accessible to every Chilean customer through our large branch network as well as non-physical contact circuoar. There was a problem providing the content you requested Our way of thinking is reflected by a set of values that are shared by our employees and shareholders, which are aimed at providing our customers with world-class financial solutions and quality standards.
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The results of our operations are affected by interest rate volatility and inflation. In the early twentieth century, we established a representative office in London, which we maintained untilwhen our operations in Europe were moved to Frankfurt. Accordingly, our ability to grow our business volumes and results of operations, as well as enhance our financial condition, in general, depends on the dynamism of the Chilean economy and specific macroeconomic variables such as inflation, unemployment, interest rates, consumption and investment.
During we gave mass-market appeal to MiPass, which is a virtual password-generating application. As of 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 These changes can materially impact the means by which we report financial information, affecting our results of operations.
This nationwide contest was intended to promote those initiatives that incorporate social factors as drivers of entrepreneurship rather than only maximizing earnings. To accomplish these goals, we have invested in information technology and the development of simpler, more manageable, secure and modern business processes and platforms to attain faster response times and higher productivity.
Subsequent to the crisis, like most major Chilean banks, we sold certain of our non-performing loans to the Central Bank at face value on terms that included a repurchase obligation. In this regard, an array of amendments to international financial reporting standards is expected over the coming years. Chile has corporate disclosure standards different from those you may be familiar with in the United States. Additionally, we implemented a new internet-based service for money exchange.
Thus, we convened microentrepreneurs who incorporate cjrcular social and sustainable vision as part of their business activities through creativity and innovation.
Nevertheless, we cannot assure you that we will not face reputational events in the future that could harm our prospects or the value of our franchise. These funds are intended to finance long-term assets to improve our capital adequacy as they can be computed as Tier 2 capital. There was a problem providing the content you requested Higher exchange rate mismatches will increase our exposure to the devaluation of the Chilean peso, and any such devaluation may impair our capacity to service foreign-currency obligations and may, therefore, materially and adversely affect us, our financial condition and results of operations.
We continued to make charitable contributions to improve the quality of education across lower income segments through Astoreca Foundation. Through our retail banking segment, we provide our individual customers with credit cards, installment loans and residential mortgage loans, as well as traditional deposit services, such as current accounts, demand deposits, demand accounts, savings accounts and time deposits.
In fact, according to our management information systems, the share of the retail banking segment in our total loan book has increased from We have access to large amounts of confidential financial information and hold substantial financial assets belonging to our customers as well as to us. The results of our operations depend to a great extent on our net interest income, which represented Allowances for loan losses as a percentage of substandard loans 8.
Duringwe were less active in placing bonds abroad given moderate growth of our loan book and less favorable conditions in the international markets. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: Our core business is commercial banking in Chile, providing traditional banking products and specialized financial services to our diversified customer base of individuals and companies.
In addition, in relation to the optimization of our main operating processes, we focused on reducing the potential for manual data-entry mistakes, which represents an important source of our operational risk. Our wholesale banking segment serves the needs of corporate customers. Additionally, we believe that our merger with Citibank Chile reinforced our corporate image as a leading financial institution within Chile and allowed us to gain recognition among customers and investors all over the world.
Accordingly, we aim to become a productive and efficiency-oriented organization in all business aspects by developing simple, effective, secure and low-cost processes while maintaining the tightest cost control in the industry. Similarly, the ability to manage potential conflicts of interest has become increasingly important factor for our business given our widespread operations in many economic sectors with diverse third parties.
We believe that our broad customer base is both an essential driver of our business and a valuable asset that enables us to cross-sell our traditional lending products and services along with non-lending services provided primarily through our subsidiaries, including our securities brokerage, mutual funds management, securitization, financial advisory, insurance brokerage and collection services.
In turn, SM-Chile organized a new wholly-owned banking subsidiary named Banco de Chile, to which the former contributed all of its assets and liabilities, other than the Central Bank subordinated debt, to the latter. If for any reason, including changes in Chilean law, the depositary for our ADSs were unable to convert Chilean pesos to U. We attained significant advancements while taking the first steps in the development of a new commercial platform, which is intended to be our main sales platform while becoming a comprehensive customer relationship management system, with a customer-centric vision.
CIRCULAR 1697 SVS PDF
We are constantly striving to diversify our liability structure in terms of sources, types of instruments and markets with the aim of maintaining a competitive cost of funding and improving our liquidity. This new application combined with our already existing applications, MiBanco, MiPago, MiBeneficio, MiCuenta and MiSeguro, will allow our customers to complete various banking transactions through their mobile phones, cirvular paying bills, carrying out electronic money transfers xircular enrolling in and managing insurance policies offered by our insurance brokerage subsidiary. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results circuular differ materially from those described in such forward-looking statements included in this annual report as a result of various factors including, without limitation, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates and operating and financial risksmany of which are beyond our control. Return on average equity 6. The Central Bank subordinated debt did not have a fixed maturity, and payments were made only to the extent that we earned income before provisions for the subordinated debt. Given the fierce competition in the banking industry, in order to take advantage of these sbs, we are continuously developing innovative products and services to diversify our revenue sources.
CIRCULAR 1697 SVS PDF
The results of our operations are affected by interest rate volatility and inflation. In the early twentieth century, we established a representative office in London, which we maintained untilwhen our operations in Europe were moved to Frankfurt. Accordingly, our ability to grow our business volumes and results of operations, as well as enhance our financial condition, in general, depends on the dynamism of the Chilean economy and specific macroeconomic variables such as inflation, unemployment, interest rates, consumption and investment. During we gave mass-market appeal to MiPass, which is a virtual password-generating application. As of 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 These changes can materially impact the means by which we report financial information, affecting our results of operations.