Strengthening the Loyalty Program in Chile
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.
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.
A Partnership Built on Trust
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.
Insights from Banco Santander
Andrés Trautmann, Country Head of Banco Santander Chile, shared insights on the importance of this renewal: “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.”
Enhancing Customer Experiences
“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,” stated Roberto Alvo, CEO of the LATAM Group.
Currently, the LATAM Pass program boasts 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. This remarkable growth speaks volumes about the program's effectiveness in meeting customer needs.
The Significance of the Santander LATAM Pass Alliance
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. Its remarkable performance showcases the trust customers instill in this collaboration, enhancing their travel experiences significantly.
About Banco Santander Chile
Banco Santander Chile is recognized as one of the companies with the highest risk ratings in Latin America, boasting 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 mid-2025, the bank had total assets of Ch$66,188,442 million (approximately US$69,371 million), demonstrating its strong financial position.
Financial Strength and Stability
As of June 30, 2025, total gross loans at amortized cost were approximately Ch$40,942,542 million (US$42,911 million), total deposits reached Ch$29,614,613 million (US$31,039 million), and shareholders' equity totaled Ch$4,514,322 million (US$4,731 million). The BIS capital ratio stood at an impressive 17.0%, with a core capital ratio of 10.9%. As of mid-2025, Santander Chile employed 8,660 people and operated with 231 branches throughout the country.
Understanding 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 various products available on the LATAM Pass Shopping platform. Members also enjoy exclusive benefits tailored to their tier, enhancing their onboard experience. The program's adaptability to the modern traveler's needs continues to solidify its reputation.
Frequently Asked Questions
What is the significance of the renewed alliance between Banco Santander and LATAM?
The renewal strengthens a long-standing partnership, enhancing member benefits, and reaffirming their commitment to providing valuable travel experiences.
How many members are there in the LATAM Pass program?
Currently, the LATAM Pass program boasts over 51 million members globally.
What are the benefits of the Santander LATAM Pass alliance?
Members enjoy exclusive travel rewards, enhanced flying experiences, and access to redemption opportunities, such as approximately 2 million airline tickets annually.
How financially stable is Banco Santander Chile?
Banco Santander Chile holds a strong financial position with total assets of approximately Ch$66,188,442 million and various reputable ratings from agencies.
How can I earn LATAM Pass miles?
Members earn miles by flying, using credit cards, and engaging with participating merchants within the LATAM Pass loyalty program.
