Factors face increased competitive pressures and financing difficulties
Greater competition and financing problems herald significant changes for Chile's factoring industry, local financial daily El Diario reported.
Greater competition and financing problems herald significant changes for Chile's factoring industry, local financial daily El Diario reported.
The Chilean government's industry development agency Corfo has granted a US$1mn loan to local factoring company Profactoring to help the company boost lending to small- and mid-sized enterprises (SMEs), local daily La Segunda reported.
Chilean banks have used just 7% of a US$500million government-sponsored loan guarantee for small- and medium-sized enterprises (SMEs) debt restructuring because of the high risk they see in many of the indebted SMEs.
Four Chilean banks are contemplating the possibility of adding factoring to their financial product line-up, local financial daily Estrategia reported.
Banco Santander Chile and Banco Santiago merged last Thursday. The merged bank has been named Banco Santander-Chile.
Fitch, the international rating agency, has affirmed Banco Santiago's (Santiago) foreign currency short-term 'F2', long-term 'A-' (Outlook Stable), local currency short-term 'F1', long-term 'A+', Individual 'B' and Support '2' ratings.
Rumours have been reported on the business information service Zephus.com that Banco Santander Central Hispano SA is to buy Banco Santiago in a US$130m deal.
Fitch Ratings, the international rating agency, has assigned 'A-' long-term foreign currency (Rating Outlook Stable), 'F2' short-term foreign currency and 'B/C' individual ratings to Chile's Banco de Chile.
According to media speculation reported by Zephus, Spain’s Caja Madrid SA may be taking a minority stake of 10% in the Chilean Bank Banco de Chile Edwards. The rumour surfaced last week.
BancoEstado is extending US$110mil in warranties for loans for operations and investment projects for micro, small and medium sized companies which should apply for financing services to 17 financing institutions that are part of the Fogape (Fondo