Four new banks are considering opening niche operations in Chile in 2004. This will increase the degree of banking services available in the Chilean market. Banking has been undergoing a strong process of consolidation that has left a total of 26 institutions, 12 less than existed a decade ago.
One new entrant into this market is Banco Monex, which will commence business in August. It is aimed at providing financial services for corporate clients and financing for small- and medium-size businesses.
Another is the Banco Progresso, formed by the group of the same name, which specialises in leasing and financial factoring.
Two further entities are Banco Paris, which will begin operations with an initial investment of US$12m and is the latest of a number of banks connected to a retail company and the Penta group who are opening a banking operation oriented towards higher income clients.
Source: South American Business Information
