Chilean financial group Grupo Security's factoring division holds a 12% market share and pulls in about 26% of the group's total revenues. Grupo Security looks to grow its factoring arm through new projects aimed at increasing its client base, especially among small-and medium-sized enterprise (SME) clients, according to a report from Diaro Financiero. SMEs currently account for 10% of the division's total portfolio, but the company aims to quadruple that figure by the end of 2006.
The factoring division projects profits will increase 30% to 2.5bn pesos (US$4.1m) by the end of 2004. Grupo Security is active in a wide range of sectors such as banking, insurance, factoring, stock brokerage and mutual fund administration.
In October the group announced plans to make a capital increase of over US$55m during November.
Source: Business News Americas
