Chile
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Security looks to boost factoring division

Bnamericas
Chilean financial group Grupo Security plans to inject 35-40% of the US$55mn capital increase planned for mid-November into its factoring division, daily Diario Financiero reported. Security's factoring division holds a 12% market share and pulls in about 26% of the group's total revenues. Grupo Security looks to grow its factoring arm through new projects aimed at increasing its client base, especially among SME clients, the report said. SMEs currently account for 10% of the division's total portfolio, but the company aims to quadruple that figure by the end of 2006. The factoring division projects profits will increase 30% to 2.5bn pesos (US$4.1mn) by the end of 2004. Grupo Security is active in a wide range of sectors such as banking, insurance, factoring, stock brokerage and mutual fund administration.

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