the head of our new digital business development division. Jorge has been with us for a few years now. Lastly, as head of operations. Previously, he led several business transformation programs at Itau Unibanco, which gave him, gave him relevant experience in meeting the best person to lead the transformation office we have created to implement our new strategy. The transformation office will coordinate and oversee the transformation process supported by dedicated IT, finance and HR sales and working closely with the, each of the workstream leaders and teams. It is worth mentioning that this is structured and the overall methodology we are following to implement the transformation has been successfully deployed in Itau Unibanco as well as in other banks and companies in different regions. After describing how we are setting ourselves up to deliver the transformation plan, I will now comment on the progress we have already made over the last few months, starting on slide 21. We recently announced a new strategic alliance with Rappi, our leading digital player in Latin America, through which we seek to bring innovative and disruptive ways of providing financial services to both individuals and companies in Chile. Through this partnership we are integrating financial services into a large ecosystem, which enable us to assess a lot, to assess a large customer base to boost our growth while adding value to the ecosystem. We expect to launch the first products of our partnerships, uh, on the third quadrant of this year. In our journey of customer experience transformation, we have made significant progress over the last year as you can see on the left hand side of slide 22. Having said that, we are not at all satisfied as we regard the low NPS of the banking industry, in general, Chile, as a clear opportunity for us to disrupt the market. On the digital front, we have made huge progress with our, uh, with our new app, which is now ranked number one in Chile in the three major app stores. As you might recall, in the fourth quarter 2020, we launched a digital wallet that allows payments in smartphones and smartwatches, making them easier and safer, as well as offering both Visa and MasterCard options for our clients. Three months later we have seen an increasing adoption of this functionality. As… A few weeks ago we launched the <inaudible> check in account, which enables quick and easy access to our open investment platform through a 100% digital platform with a hassle free onboarding. On slide 23, we present our innovative organization model at a glance. We are moving towards an agile working model at scale with full integration across all areas. The first step on this journey is integrating business and technology in joint teams pursuing business objectives broken down into three months sprints. This migration towards an agile operation model allows us to simplify the organization structure and therefore accelerate decision making through empowered multidisciplinary teams. This year we also have been recognized for our excellence in key areas. For example, the best trade finance provider by, by Global Finance and Banking, best asset management in fixed income by Morningstar, and the deal of the year by IFR Awards for our role in the emission of the Chi- the Peruvian government. Wrapping up, we started 2021 strong, which is just the first step on the journey to achieving sustainable results. We are fully conscious that much remains to be done and that is why we are in full transformation mode to achieve our medium to long term performance aspirations. With this, we conclude the presentation part we have for you today and we would gladly take any questions that you might have. Thank you. Ladies and gentlemen, we will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star one on your telephone. Or on the webcast, you can submit the question using the q&a box. Once again, that's star one on your telephone keypad. Your first question is from the line of Jason <unk> from Scotiabank. Your line is now open. Hello. Thanks for the opportunity to ask questions, Gabriel, Rodrigo, Claudia. My first question is just on overall profitability. You, you highlighted the trend in, in cost of risk and the strong trading. And, um, and we have some guidance for the full year. I'm just trying to get a sense, if we kind of normalize the provisions and normalize trading, I mean, I think, uh, use some kind of 20% tax rate, uh, around there. It's, it seems to me that you, you know, your, your return on equity, you're showing almost 21% is pretty impressive. But it's, you know, when we normalize, we would be at probably half that level or even slightly below. And I just wanted to get a sense if that, if I'm thinking about that right for the rest of the year. And then, um, my second question is related to your agreement with, with Rappi. Is, is this an exclusive agreement? I, I think you talked about some terms. Uh, I think there, there's some period through which it may be, but if you can talk a little bit on, on how that's going to work. Thank you. Sure. Thank you for your question, Jason. As you mentioned, your first question, I don't think that we are, we are saying that we are going to have a 25% return on tangible equity in the operation in Chile on a sustainable basis. I think it was a very good, uh, quarter in terms of financial margins with the market, as well with our cost of credit below, uh, what we thought we might have for, for this year. Uh, as I previously mentioned, uh, we do see a lot of potential for the asset that we have, uh, in Chile. Uh, I think that, uh, the, the guidance that we had for long term cost of credit was something around 0.8%. As you remember, we always discuss this number as a business as usual, uh, sustainable cost of, uh, cost of credit, given our mix of portfolio. Uh, the number that we saw was 0.5%. As a matter of fact, if you take the numbers for Itau Chile and CorpBanca on a separate basis between 2012 and 2015, I think that you're going to have an average of 0.5%. So it's nothing that new. Of course, we didn't expect for this credit cycle. So I would say, if we normalize this and normalize the financial margins with the market, we will encounter a lower return on tangible equity. Having said that, I'm quite optimistic with the year that we have. We're seeing good results in terms of spreads. We were able to increase the spreads that we have on the, on the wholesale portfolio. Uh, we still have some challenges on the consumer portfolio. And as I mentioned before, when I think about the, the potential, potential of return on tangible equity for operation Chile, I think 16% is something achievable from what I see here and the projections that we have.