2% in
1Q 2004.5% YoY.3% YoY.4% QoQ and time deposits increased 3.9% as of March 31, 2005.9% YoY.MC, STD.

compostela ano

8% for the Chilean banking
industry .

* Customer deposits expanded at a rapid pace in the quarter, increasing
of 4 .
Moody's improved the Bank's rating outlook to Positive following a
similar change in the outlook for the Chilean sovereign ratings. As a result of this growth, the Bank's
market share of total loans increased to 23.6% YoY.2% in 1Q 2004. Maarten, St.

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3% YoY.1% QoQ
and 19.1% from 102. These results are reported on a consolidated basis
in accordance with Chilean GAAP (1)(2) in nominal Chilean pesos.8%
in 1Q 2005 compared to 68. As a result,
checking account fees grew 27 .

(1) Safe harbor statement under the Private Securities Litigation Reform
Act of 1995: All forward-looking statements made by Banco Santander
Santiago involve material risks and uncertainties and are subject to
change based on various important factors which may be beyond the
Bank's control.

"Scotiabank is now able to respond to more customers , more quickly," said
Jonathan Deletsu, director of business banking, Scotiabank. "This puts
Scotiabank and its international customers in a unique and leading edge
position in a very competitive commercial banking market.com


About CapitalStream

Established in 1995, CapitalStream provides software and consulting
services that enable commercial banks and finance companies to collaborate ,
integrate and operate more effectively across their front office
operations.

conceitos ciclismo

29 per share and
US$0.1% in 1Q 2004 and 17. Mutual funds under management increased 7.4% YoY.3% in 1Q 2005 compared to 1Q 2004. A leader in front office automation
solutions for commercial finance operations, CapitalStream today announced
Scotiabank is using its FinanceCenter 8 platform to accelerate day-to-day
banking operations, such as credit applications.

About Scotiabank

Scotiabank has been part of the Caribbean and Central America since 1889.025 ABMs.

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SANTIAGO, Chile,

* In 1Q 2005 net income totaled Ch$53,960 million (Ch$0. This increase in net financial
income was mainly due to strong loan growth in high yielding segments and
products.1% YoY and the efficiency ratio improved to 41. "We believe
this initiative will not only generate more business, but also enhance our
ability to reduce overhead and manage risk. With approximately 48,000 employees,
Scotiabank Group and its affiliates serve about 10 million customers in
some 50 countries around the world.com.

peregrina deste

3% compared to year-end 2004.com.

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* Asset quality improved in the quarter.

Banco Santander Santiago (NYSE: SAN) announced today its unaudited results
for the first quarter 2005.51/ADR), increasing 5. The Bank's ROE in the
quarter reached 21.5%
YoY.8%.8% YoY fall in net gains from trading and mark-to-market of securities.

wgs esporte

2% compared to 1Q 2004.

* Santander Santiago to payout 100 % of 2004 net income as its annual
dividend.0% YoY.3% QoQ and 21.8% QoQ and 15. Credit card fee increased 12.5% YoY
driven by the investments and promotions made in 2004 to improve credit card
usage.
Insurance brokerage fees increased 12.5% at the end of 4Q 2004 and 102. The required reserves
over total loans ratio as defined by the Superintendency of Banks (SBIF),
which measures the expected loss of the loan portfolio, reached 1. Vincent, Trinidad and Tobago,
Turks and Caicos, British Virgin Islands, and the U. In those four countries, Scotiabank has nearly 60 branches and
about 100 automated banking machines (ABMs).
For more information please visit www.

trilhas deste

2% compared to 1Q 2004.
Net financial income increased 12.7% compared to the
balance as of December 31, 2004 (from now on, QoQ ) and 14. Loans as a percentage of assets increased to 70.92% as of March 31, 2005.
This positive evolution of core revenues was partially offset by (i) the
28. Virgin Islands. Outside of Mexico , Scotiabank's Latin America operations
are concentrated in Chile, with Scotiabank Sud Americano.

principais peregrina

51/ADR), increasing 5.

* Market share in loans increased 40 basis points QoQ to 23.
Total customer deposits, that is, time, savings and demand deposits, increased
4.1%
in the same period .
The Bank's net fee income increased 12. Net
profits for Grupo Santander in Latin America grew by 9% in 2004 to US$1.

principais deste

Net financial income increased 12.0% compared to 20.6% at
year-end 2004 to 20.4% and mutual fund asset management fees
increased 6. In
1Q 2004 the rate of decline of long term interest rates was more significant
compared to 1Q 2005 and the Bank's fixed income portfolio was larger in 1Q
2004 compared to 1Q 2005; and (ii) lower non-operating results due to higher
provisions for non-credit contingencies.

esporte compostela

29 per share and
US$0. The Bank's ROE in
the quarter reached 21.1% as of
March 31, 2005.8%
QoQ and 15.89% in 1Q 2004 and the coverage
ratio increased to 135.7% as of 1Q 2004. In 1Q 2005 the balance of non-interest bearing demand
deposits, net of clearing increased 7. The stock is traded on the New York Stock Exchange
(NYSE: SAN) and the Santiago Stock Exchange (SSE: Bsantander).45
per dollar.
CapitalStream , Inc.S. Scotiabank offers a diverse range of
products and services including personal, commercial , corporate and
investment banking.

conceitos ano

* Core revenues increased 12. Consumer
loans increased 7.7% at year-end 2004.
The improvement of the Bank's funding mix has also supported margins.

The efficiency ratio for the Chilean
banking industry as of March 2005 was 54. and Scotiabank are teaming
up to enhance the speed and efficiency of bank services in 20 Caribbean,
Central and Latin American countries. Lucia, St.

passatempos esportes

Market share in consumer lending grew by 40 basis
points to 25.
Asset quality improved in the quarter. In 1Q 2005 operating
expenses increased 4.

Grupo Santander Central Hispano
Grupo Santander (SAN.8
billion, and net attributable income totaled US$1.6 billion.
Kitts and Nevis, St. The
bank has some 8,760 employees in the region , serving more than two million
customers, with nearly 300 branches and about 650 automated banking
machines.scotiabank.

wgs provas

4% compared to 1Q 2004.7% compared
to December 31, 2004 and 14.2% in the same period.38% in 1Q 2005 from 1. As of March 31, 2005 total loans increased 5.1% QoQ and 19.1 % as of March 31, 2005 compared
to 22. Fees from the Bank's subsidiaries also increased in the quarter . The coverage ratio
(reserves for loan losses / past due loans) improved to 135.86% as March
31 , 2005 down from 1. The Bank does not undertake
to publicly update or revise the forward -looking statements even if
experience or future changes make it clear that the projected results
expressed or implied therein will not be realized."

CapitalStream FinanceCenter 8 allows Scotiabank to rapidly evaluate,
originate and manage financial transactions, using Web-based process
automation and business analysis.

manuten caminho

Mutual funds under management increased 7. The past due loan ratio
improved to 1.5% YoY. With these growth rates the Bank's market share in total customer funds,
that is, customer deposits plus mutual funds, increased 30 bp, from 20. Founded in 1857, Santander
has 63 million clients, 9.
(2) The Peso/US dollar exchange rate as of March 31, 2005 was Ch$586.

"We are pleased to help Scotiabank leverage FinanceCenter's administration
tools to quickly and easily roll out our platform in 20 countries," said
Kevin Riegelsberger, president and CEO of CapitalStream."





www.
It is now the leading bank in the region, with operations in 25 countries,
including Anguilla, Antigua, Bahamas, Barbados, Belize, Cayman Islands,
Costa Rica, Dominica, Dominican Republic , El Salvador, Grenada, Guyana,
Haiti, Jamaica, Netherland Antilles and Aruba, Panama, Puerto Rico , St.

desportos principais

Consumer loans increased 7.1% YoY.N) ranks as the 9th world bank and is the
largest in the Euro Zone by market capitalization. Such factors include,
but are not limited to, those described in the Bank's filings with
the Securities and Exchange Commission. CapitalStream transforms
the paper-based operations of mid-market, small business, equipment leasing
and commercial real estate groups by reducing costs, risk and processing
times to grow their portfolios without increasing headcount.

trilhas manuten

Loans increased 5. This growth was led by an
increase in various fee income lines and segments and was driven among other
factors, by an increase in the Bank's client base, an improvement of
cross-selling ratios and higher quality of service standards.

PRESS RELEASE CapitalStream FinanceCenter Helps Scotiabank Accelerate Customer Service Process in 20 Caribbean Central and Latin American Countries

Scotiabank's Latin America operations include Mexico, Chile, Venezuela,
Peru and Brazil . Grupo Financiero Scotiabank Inverlat SA is the country's sixth
largest commercial bank, with about 6,700 employees, some 430 branches and
a network of about 1.

muti esporte

1% QoQ, reflecting strong commercial growth
in retail activities.
Costs showed a stable evolution in the quarter. Santander Santiago is one of the most
efficient banks in all of Latin America.

INSTITUTIONAL BACKGROUND
As per latest public records published by the Superintendency of Banks
(SBIF) for March 2005 , Banco Santander Santiago was the largest bank in Chile
in terms of loans and deposits. With US $246 billion in assets (as at April 30, 2005),
Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges.

arouca esportes

1% YoY. This represents a dividend yield of 5.8%, considering the
stock price on the local record date. Core revenues, that is, net financial income plus fees,
increased 12.5% at 1Q 2004. The Bank has the highest credit ratings among
all Latin American companies with an A rating from both Standard and Poor's
and Fitch and a Baa1 rating from Moody's, which are the same ratings assigned
to the Republic of Chile.

wgs muti

0% and fee
income grew 12.

* The Bank's commercial focus is reflected in strong loan growth in the
quarter with emphasis in retail banking.

* The Bank's foreign currency ratings were improved to "A" from "A-" by
Fitch Ratings, following a similar rise for the Republic of Chile.8% for the Chilean
banking industry.96% in 4Q 2004 and 1. The same indicator
for the Chilean banking industry as a whole was 1. The Bank's main
shareholder is Grupo Santander, which directly and indirectly owns 83.94% of
Banco Santander Santiago. Santander has reached a prominent
presence in the United Kingdom through Abbey , in Portugal, where it owns the
third largest banking group, and through Santander Consumer Finance , a leading
consumer finance franchise in Germany, Italy and eight other European
countries.
In Latin America, Santander maintains a leading position where it manages
over US$120,000 million in business volumes (loans, deposits and off-balance
sheet assets under management) through 4,000 offices in ten countries. Accordingly, the Bank's future performance and
financial results may differ materially from those expressed or
implied in any such forward-looking statements . All figures presented are in nominal terms.capitalstream.

muti esportes

0% compared to 17. Past due loans at March 31, 2005
decreased 4.1% in 1Q 2005 compared to 1Q 2004 (from now on, YoY).970 offices and presence in over 40 countries.scotiabank. CapitalStream solutions streamline data gathering, deal
structuring , credit analysis, document generation, booking, account
monitoring and ongoing risk management to more effectively originate
transactions and manage commercial relationships.

Scotiabank is one of North America's premier financial institutions and
Canada's most international bank.

caminho conceitos

* The efficiency ratio improved to 41.8% in 1Q 2005 compared to 43.5% in 1Q 2004.1% compared to
128.98% in 1Q 2004.8% in 1Q
2005 compared to 43. It is
the first Financial Group in Spain and in Latin America and maintains an
important business activity in Europe. For more
information , visit us at www. Scotiabank has been in Mexico
since 1967.

modalidade ciclismo

Santander Santiago Announces First Quarter 2005 Earnings

5% YoY.3% QoQ and 21.3% compared to December 31, 2004 and 16. Due to the limited availability of
commercial credit scores in many Caribbean countries, Scotiabank is now
able to use FinanceCenter to implement custom score cards that improve risk
management, even when credit bureau information is limited or non-existent.

pelo compostela

In 1Q 2005 net income totaled Ch$53,960 million (Ch$0. Past due loans at March 31, 2005
decreased 4. Historical
figures are not adjusted by inflation.

The Bank also has
minority interests in Venezuela and Peru, plus a representative office in
Brazil.

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