BBVA aims to double company lending 3yrs.

The Chilean unit of Spanish group BBVA (NYSE: BBV) plans to double its company lending in the next three years to 550bn-600bn pesos (US$788mn-860mn), company division manager Enrique Hosiasson told reporters Friday. The bank has a 5.5-6% share of the local company segment (medium-sized and large companies not considered corporate clients) and it hopes increased lending over the next years will boost its market share, Hosiasson said. BBVA's goal is to become one of the leading banks in the Chilean company segment in the next three years, he said, adding that market share growth hinges to a certain degree on how the overall market performs. Hosiasson said the bank had decided to become more aggressive in the company segment because it believes the Chilean economy will recover in 2003-2005 in light of free trade agreements with the EU and Korea and high-profile mergers in the local banking sector providing opportunities to capture new clients. As part of the bank's new push in the company segment, BBVA announced the launch of euro-denominated checking accounts and term deposits. BBVA Chile is part of the Spanish group's Latin American franchise. BBVA also runs the second largest banking group in Spain.