Financial services conglomerate Grupo Security expects to complete the merger between its bank Banco Security and the Chilean subsidiary of German banking giant Dresdner by year-end, according to Grupo Security chairman Francisco Silva.
The Grupo Security conglomerate offers a wide range of financial services, including banking, factoring and insurance.
In a joint announcement last week it emerged that Grupo Security would buy Dresdner's Chilean subsidiary bank and its local stockbroker for some US$65m.
The acquisition of Dresdner will transform Banco Security into the fifth-largest locally-owned bank with some 3.4% of the Chilean loan market, Silva said.
