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Santander Chile expects loan portfolio to grow by $2.8B in 2016

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Santander Chile expects loan portfolio to grow by $2.8B in 2016

Banco SantanderChile CEO Claudio Melandri said the bank anticipates its loan portfolio,which totaled about $37.9 billion at the end of 2015, growing by $2.8 billion in2016, Reuters reported.

The executive expects Chile's banking sector to post loan growthof between 6% and 8% in 2016, according to the April 26 report.

Additionally, Santander Chile plans to invest $430 million through2018 in order to improve its technology and service, as well as to enlarge its distributionnetworks, Melandri said.

The bank is scheduled to report first-quarter results on April28.