Brazilian bank Banco Indusval Multistock (BIM) aims to boost lending to medium-sized enterprises by 40% this year to reais 350m (US$129m) compared to 2004, the bank's CEO Luiz Ribeiro told.
BIM's loan business consists both of local currency lending and foreign currency trade financing. Ribeiro said the bank's loan growth strategy is aimed at capturing new company clients.
At the end of 2004 the bank counted 300 middle market clients and the goal this year is to boost that number to 400 companies, he said.
BIM's business is focused now and will be focused in the future on the state of Sao Paulo because there is a lot of growth potential in the Brazil's wealthiest state, Ribeiro said.
In terms of new businesses, Ribeiro revealed that BIM is considering expanding into the payroll-linked loan business, and he said that a final decision on that potential entry will be made by June.
