72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.
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Infinite, Signature, Platinum, Standard and debit cards for companies. If for any reason, including changes in Chilean law, the depositary for our ADSs were unable to convert Chilean pesos to U. Our core business and transactions are with customers doing business circlar Chile. Transactional services, especially credit cards, constitute a crucial part of our value offering particularly for individual customers.
Duringthe Individual and SME Division continued its focus on profitable growth while developing new business solutions for individual and SME banking in order to improve customer proximity and loyalty.
Based on this relationship, we are able to provide our local customers with world-class financial services and participate ssvs them in their international ventures. Inwe merged with Banco de Circulaf. The new guidelines also introduced changes to the treatment of provisions related to factoring loans and cifcular. This trend encouraged investors to opt for current accounts over interest-bearing deposits.
To supplement this effort, we also launched a new advertising campaign intended to enhance the market positioning of the Banco Edwards Citi brand name. We have also enhanced our branch network with non-physical remote channels, such as ATMs, internet-based online platforms and mobile banking applications. In these cases, we will make assumptions and judgments in order to establish the fair value of certain instruments, which involves uncertainty and may translate into inaccurate estimates of actual results.
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From an operational point of view, we took several steps to improve efficiency. Our commitment to disabled people is permanent. We are continuously developing and optimizing internal processes in order to reduce and manage our expenses. For example, incentral Chile cirdular significantly damaged by catastrophic wildfires that lasted over two months.
In addition, we entered into two strategic partnerships with both a local and an international airline, which will benefit our 1.
Regarding Basel III, the SBIF has suggested these guidelines may be implemented in Chile in the future, which could impose new capital and liquidity requirements, among other matters, for all Chilean banks, including us.
IFI played an important role in structuring international transactions aimed at diversifying our funding. During the early s, the Chilean banking industry witnessed intense merger and acquisition activity. Additionally, we implemented a new internet-based service for money exchange.
Nevertheless, given the current economic environment and the deterioration of certain indicators, such as real wages, consumer confidence and business sentiment, we cannot assure you that the positive trend in past-due loans 90 days or more sva during will continue if global or sve economic conditions deteriorate in the future. Under this standard, new models of expected loss must be developed by companies in order to determine the impairment crcular loans and instruments available for sale.
We believe that cash management and payment service contracts provide us with a source of low cost deposits and the opportunity to cross sell our products and fees to payees, circulqr of whom maintain accounts with us.
This initiative was enhanced by the implementation of four new specialty branches serving this sub-segment. The occurrence of any such factors not currently expected by us could significantly alter the results set forth in these statements. DuringBanco CrediChile continued to enhance these service models in order to penetrate those segments by offering innovative banking solutions.
Although we, with the help of service providers, intend to 1967 implement security technology devices and establish operational procedures to prevent such damage, we cannot assure you ssvs these security measures will be successful.
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The results of our operations are affected by interest rate volatility and inflation. We believe these achievements were the result of. The SBIF is the institution empowered to put these guidelines into practice and monitor them on an ongoing basis. If the value of the U. Duringthe Central Bank published a final version of new liquidity standards for local banks, based on Basel III guidelines.
Subsequent to the crisis, like most major Chilean banks, we sold certain of our non-performing loans to the Central Bank at face value on terms that included a repurchase obligation.
As a result, our risk-index ratio allowances for loan losses to total loans decreased from circulwr. Similarly, the ability to manage potential conflicts of interest has become increasingly important factor for our business given our widespread operations in many economic sectors with diverse circuular parties. Therefore, disputes with regard to the terms of these agreements or our potential inability to negotiate acceptable contracts with these unions scs result in, among other things, strikes, work stoppages, or other slowdowns by the affected workers.
The growth in our loan book has been aligned with our mid-term strategic goals, which aim to diversify our business model by optimizing our risk-return relationship in order to maintain profitable growth.
Exemptions from the Listing Standards for Audit Committees. We also face competition from non-banking competitors in citcular of our credit products, especially credit cards and installment loans. Our wholesale banking segment serves the needs of corporate customers. Duringaligned with the moderate expansion of our loan book, and the less favorable conditions in overseas markets, we reduced our demand for funding, especially abroad.
Even though the Central Bank is authorized to carry out its transactions at the rates it sets, it generally uses the spot rate for its transactions.
For that reason, we are continually seeking alternative sources, types of instruments cidcular markets. According to our estimates, we remained the largest private bank in Chile until Increased competition and industry consolidation may adversely affect our operations.
Furthermore, our reputation is highly aligned with the reputation of the banking industry in which we participate and, therefore, actions by other providers of financial services or the banking industry as a whole could also harm our own reputation. In addition, although Chilean law imposes restrictions on insider trading and price manipulation, the Chilean securities xvs are not as highly regulated and closely supervised as the U.
As of the same date, our equity ownership in Transbank S. Banchile Asesoria Financiera S. These requirements are related to: