The Chilean unit of Spanish financial group BBVA (NYSE: BBV) expects to boost lending to SMEs by 25% this year to US$317m compared to last year, local financial daily El Diario quoted BBVA Chile's (NYSE: BB) liabilities manager Claudio Rauld as saying.
The bullish loan estimate is based on growing demand from SMEs to finance new investments and projects, Rauld said.
The bank sees it as very positive that the great majority of SMEs are not requesting loans for refinancing but instead to fuel their growth, he said.
In September only 10.9% of its SME loans were destined for refinancing operations, Rauld added.
Today the SME segment represents 20% of the bank's commercial loan portfolio and that percentage is set to increase in the future, he said.
Commercial loans represent 60% of BBVA Chile's total loan book, Rauld added.
