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Report: Santander Chile reaches minimum services agreement with unions

Banco Santander Chile has reached an agreement with most of its labor unions on the minimum level of services the bank will maintain in the event of an employee strike, Diario Financiero reported.

Under the agreement, which is in line with Chile's new labor law, 21% of the bank's workers will work during strikes to ensure that essential services are not disrupted, sources close to the unions told the publication.

The agreement means that Banco Santander, which was earlier reported to be struggling in reaching a deal with unions, will not have to refer the matter to Chile's national labor department.

Various other Chilean banks are still in the process of striking similar agreements with their unions, the report noted.