EXHIBIT 12 Calculation of Ratio of Earnings to Fixed Charges

Santiago- Chilean GAAP Year ended December 31, Six months ended June, Earnings 1997 1998 1999 2000 2001 2001 2002 ------------------------------------------------------- -------------------------- Add: Pretax income from continuing operations before minority interest and income from equity investees 70,441 75,761 48,537 91,609 115,032 64,204 75,154 Fixed charges 411,097 461,055 359,881 393,008 328,351 168,200 130,971 Distributed income of equity investees 807 457 205 324 175 230 155 ------------------------------------------------------- -------------------------- Total 482,346 537,272 408,622 484,941 443,558 232,634 206,280 Fixed charges Add: Interest expensed and capitalized 409,980 459,905 358,529 391,652 327,033 167,541 130,312 Estimate of interest within rental expense 1,117 1,150 1,352 1,356 1,318 659 659 ------------------------------------------------------- -------------------------- Total 411,097 461,055 359,881 393,008 328,351 168,200 130,971 Interest on deposits 222,974 308,995 232,093 209,294 158,325 83,133 61,897 Ratio of earnings to fixed charges Including interest on deposits 1.17 1.17 1.14 1.23 1.35 1.38 1.58 Excluding interest on deposits 1.38 1.50 1.38 1.50 1.68 1.76 2.09

Old Santander - Chilean GAAP Year ended December 31, Six months ended June 30, Earnings 1997 1998 1999 2000 2001 2001 2002 ----------------------------------------------------- ---------------------------- Add: Pretax income from continuing operations before MI and income from equity investees 42,419 52,133 68,669 96,274 108,979 57,637 67,388 Fixed charges 352,465 393,138 319,532 352,948 288,020 149,060 113,554 Distributed income of equity investees 316 270 134 136 138 138 115 ----------------------------------------------------- ---------------------------- Total 395,201 445,541 388,335 449,358 397,137 206,835 181,057 Fixed charges Add: Interest expensed and capitalized 350,586 391,259 317,653 351,025 286,05 148,075 112,569 Estimate of interest within rental expense 1,879 1,879 1,879 1,923 1,970 985 985 ----------------------------------------------------- ---------------------------- Total 352,465 393,138 319,532 352,948 288,020 149,060 113,554 Interest on deposits 211,631 239,903 182,756 212,223 154,137 81,052 56,339 Ratio of earnings to fixed charges Including interest on deposits 1.12 1.13 1.22 1.27 1.38 1.39 1.59 Excluding interest on deposits 1.30 1.34 1.50 1.69 1.82 1.85 2.18

US GAAP Year ended December 31, Six months ended June, Earnings 1997 1998 1999 2000 2001 2001 2002 -------------------------------------------------------- ----------------------- Add: Pretax income from continuing operations before minority interest and income from equity investees 37,111 28,096 108,571 194,985 224,441 133,035 166,900 Fixed charges 348,464 399,923 568,482 767,665 628,393 323,630 246,004 Distributed income of equity investees 293 250 339 460 313 230 155 -------------------------------------------------------- ----------------------- Total 385,867 428,269 677,392 963,110 853,147 456,895 413,059 Fixed charges Add: Interest expensed and capitalized 347,347 398,773 565,390 764,387 625,105 321,986 244,360 Estimate of interest within rental expense 1,117 1,150 3,092 3,278 3,288 1,644 1,644 -------------------------------------------------------- ----------------------- Total 348,464 399,923 568,482 767,665 628,393 323,630 246,004 Interest on deposits 211,631 239,903 334,480 421,737 311,937 163,839 118,236 Ratio of earnings to fixed charges Including interest on deposits 1.11 1.07 1.19 1.25 1.36 1.41 1.68 Excluding interest on deposits 1.27 1.18 1.47 1.56 1.71 1.83 2.31