Chilean development bank Banco del Desarrollo aims to grow lending 8-10% next year, compared to this year's forecast 3.6% growth, chairman Vicente Caruz told local broadsheet El Mercurio.
The local economy should grow some 4% next year and Desarrollo should be in for strong growth in consumer, small business and commercial lending, Caruz said.
Desarrollo's growth strategy is based on organic expansion; however, opportunities in the factoring business are being explored, he said, adding that mutual fund and leasing activities would also be given high priority.
The bank could leverage the expertise of its foreign shareholders, France's Credit Agricole and Italy's San Paolo di Torino, to set up an insurance company if local authorities eliminate the ban on banks directly running insurers, he said.
While banks are authorized to operate insurance brokerages, only financial groups or holding companies can directly own an insurance company.
