Chile's Banco Security is expecting a 10% annual growth in loan placements, boosted by a capital increase from its parent company, according to CEO Renato Peсafiel.
Grupo Security announced in March the purchase of the Chilean banking subsidiary of Dresdner and its local brokerage for some US$65m.
Bank plans include doubling its high-income client base in the medium-term and reaching 10% market share, Peсafiel said, adding that the bank also expects to further develop its factoring business, which is currently ranked third in market share.
Grupo Security plans to increase capital by more than US$55m in the first two weeks of November. The group will increase capital to finance subsidiary development.
After merging with the local Dresdner Bank Lateinamerika subsidiary of German banking conglomerate Dresdner, Security was well placed in the market, without losing clients or portfolios and with an efficient cost synergy, Peсafiel said.
