The four factoring companies registered with the Chilean stock and exchange commission (SVS) yesterday posted a combined profit of Pesos 1,467m in the first quarter of 2004, an increase of 54 per cent over the same period in 2003.
Chile's state business development agency Corfo has reported that it issued more than 50bn pesos (US$80m) in loans last year to over 20,000 small- and medium-sized enterprises (SMEs).
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 Chilean subsidiary of French credit insurance giant Coface and Chile's Association of Manufacturers and Service Exporters (Asexma) have announced they have renewed their strategic alliance for a second year.
According to Estrategia, Chile's financial daily, Banco del Desarrollo is looking to up its loan portfolio 10% this year backed by forecasted growth across the credit board.
Chile's Banco del Desarrollo announced that it has purchased a 70% stake in factoring company Bandesarrollo Factoring for an undisclosed sum.
Chilean bank Banco del Desarrollo is planning to up its total loan portfolio 7% this year.
Chile's factoring industry would only become subject to official state regulation if the companies concerned were to begin to handle public funds, according to chief securities and insurance regulator Alejandro Ferreiro.
Banco de Chile has posted net income of 130bn pesos (US$220m) for last year, up 146% compared to 2002 on the back of strong results at its subsidiaries, said the bank's investor relations manager Jacqueline Barrio.
Chile's banking regulator SBIF has announced its rejection of a banking licence request from Banco Progreso.
