Chilean financial services group Grupo Security looks to up profits 20% this year on the back of a 5bn peso (US$8.7m) investment to boost its factoring business, Security president Francisco Silva said.
The group's strategy is to double the profits derived from its factoring division in three years. Security's factoring profits totaled pesos 2.4bn in 2004, representing some 15% of group-wide profits, which rose 7.2% to pesos 15.5bn compared to 2003.
Security's total assets expanded 22% to pesos 305bn at the end of 2004, while the company's equity increased 49% to pesos 161bn.
Grupo Security is involved in a wide range of sectors such as factoring, banking, insurance, brokering and mutual funds.
Source: BN Americas
