Chilean state-run bank BancoEstado plans to open a unit specialising in factoring during the second half this year, local press quoted executive general manager Jose Manuel Mena.
BancoEstado's factoring business will focus on small- and medium-sized enterprises (SMEs) and while offering services to micro-sized enterprises would not be ruled out, Mena explained.
The bank hopes to capture 13-14% of the local factoring market through a continued campaign to penetrate new business segments.
BancoEstado is the third largest bank in Chile in terms of total lending.
Source: Business News Americas
