Chile's Banco Progreso said that it would start operating as a niche bank in 2004, with a focus on small and medium-sized enterprises (SMEs). The bank will target companies in the machinery, transport, forestry and construction industries.
Progreso will offer leasing, factoring, property leasing and consumer credit products from its central offices in the Chilean capital Santiago, as well as branches in regions V and VIII. Progreso has equity of 400,000 UF (Chile's inflation indexed peso-denominated monetary unit), equivalent to about US$9.54mn.
Source: Business News Americas
