Chile

Chilean financial group Grupo Security will make a capital increase of between US$50m-60m on 11 November this year, local press reported.

Chile's Banco Security is expecting a 10% annual growth in loan placements, boosted by a capital increase from its parent company, according to CEO Renato Peсafiel.

Chilean financial group Grupo Security plans to make a capital increase of more than US$55m during the first half of November, local press reported.

The new standardised financial information file (FECU) for small- and medium-size enterprises (SMEs) will strengthen competition and benefit small companies more than medium-sized firms, according to a local analyst.

The Chilean banking regulator, Sbif, and the local banking association, Abif, signed an agreement to create a standardised financial information file (FECU) for small and medium sized-enterprises, Sbif said in a statement.

A coming tightening in monetary policy, after years of lower interest rates to stimulate growth, is good news for Chile and shows the economy is stable, according to the head of the Central Bank.

The factoring operations of Chilean banks have seen “explosive” growth in the first half of 2004.

Grupo Security, the financial services conglomerate and owner of Factoring Security, the third largest factor by market share in Chile, has had its ratings confirmed by Feller Rate.

Chile's first quarter credit insurance sales reached 928.5m pesos (US$1.4m), an 18.2% increase over the 785.6m pesos posted in the same period in 2003 according to figures from the local insurance association AACH.

The Chilean unit of French commercial insurer Coface expects profits to grow 30 per cent this year, company executive Louis des Cars said at a press conference this week.