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Santander Chile looks to shrink board

Banco Santander Chile has called for an extraordinary shareholders' meeting to decide on a proposal that would lower the number of directors on the bank's board to nine from 11, according to a Dec. 20 filing.

Under the proposal, which will be considered during a Jan. 9, 2017, meeting, the bank's current directors would continue in their positions until the next board election.

The bank noted that the two alternate directors on the board would remain in their positions under a new structure.