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 Chilean subsidiary of French credit insurer Coface aims to boost its market share this year though it does not expect its ROE to remain as high as in 2004, Coface Chile CEO Louis des Cars said.
The Chilean loan guarantee fund for SMEs, Fogape, held its second auction of 2005, awarding 48.2bn pesos (US$81.7m) in loan guarantees to be issued before 30 June, state bank BancoEstado said in a press release.
The Chilean subsidiary of French credit insurer Coface is aiming to grow premiums by 20% this year on the back of strong demand for export credit insurance, said Chile Louis des Cars, CEO of Coface.
Chilean state-run bank BancoEstado plans to open a unit specialising in factoring during the second half this year, local press quoted executive general manager Jose Manuel Mena.
The Chilean factoring industry moved US$5.5bn in 2004, a 20% increase compared to the previous year.
The Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) has approved a US$5m loan for Chile to finance development of technology-based enterprises and to help small- and medium-sized exporting enterprises (SMEs) capital
Chilean financial group Grupo Security's factoring division holds a 12% market share and pulls in about 26% of the group's total revenues.
Rates are bound to fall as invoices get executive title.
On 19 October, Congress approved a law that grants invoices executive title, a long- standing factoring industry hope.
The Chilean unit of Spanish financial group BBVA (NYSE: BBV) expects to boost lending to SMEs by 25% this year to US$317m compared to last year, local financial daily El Diario quoted BBVA Chile's (NYSE: BB) liabilities manager Claudio Rauld as sa
