Banco Santander Chile and LATAM Airlines renew their strategic alliance for five more years, enhancing the LATAM Pass loyalty program.
Quiver AI Summary
Banco Santander Chile and LATAM Airlines Group have renewed their strategic alliance for another five years, continuing a partnership that spans over 30 years and supports one of the most recognized loyalty programs in Chile. This alliance enables the redemption of approximately 2 million airline tickets annually, highlighting its significance in enhancing the travel experience for its members. Both companies expressed enthusiasm about the renewal; Banco Santander emphasized its role in customer relations and value creation, while LATAM Airlines committed to further enhancing customer benefits. The LATAM Pass program now boasts over 51 million members worldwide, making it one of the largest loyalty programs in the Americas.
Potential Positives
- Renewal of a strategic alliance with LATAM Airlines strengthens over three decades of collaboration, ensuring the continued success of the LATAM Pass loyalty program.
- The partnership facilitates the redemption of around 2 million tickets annually, significantly enhancing customer benefits and satisfaction.
- LATAM Pass program has grown by 40% since 2019, highlighting its importance as one of the largest loyalty programs in the Americas and globally.
- The alliance is recognized as the most established and valued loyalty program in Chile, reinforcing Banco Santander's competitive position in the market.
Potential Negatives
- Renewal of the alliance may be seen as a lack of innovation or new partnerships, which could raise concerns about the long-term competitiveness of both Banco Santander Chile and LATAM Airlines Group.
- The mention of the alliance being the "longest-standing" could suggest stagnation rather than growth or adaptation in an evolving market.
- The press release does not address any potential challenges or criticisms related to the loyalty program, which may leave stakeholders questioning the transparency of the companies involved.
FAQ
What is the significance of the Santander and LATAM alliance renewal?
The renewal ensures continuity of a long-standing partnership, enhancing travel experiences for members of the loyalty program.
How many tickets are redeemed annually through the alliance?
On average, around 2 million airline tickets are redeemed each year via miles accumulated from Banco Santander's products.
How has the LATAM Pass program grown recently?
The LATAM Pass program has grown by 40% since 2019 and now has over 51 million members worldwide.
What benefits do members receive from the Santander LATAM Pass alliance?
Members enjoy travel-related benefits, enhanced flying experiences, and access to unique rewards from the loyalty program.
How long has the Santander and LATAM partnership been in place?
The partnership has been in place for over three decades, making it the longest-standing alliance in the country.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
- 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:
[email protected]
Website: www.ir.santander.cl
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8be95e72-9da6-4a60-9c72-300ae95ad1e4
