Chilean bank BancoEstado plans to sell close to 6 million insurance policies by 2010 compared with the 2.7 million that it currently has on its books, bank president Javier Etcheberry told reporters Friday.
The move comes as part of BancoEstado's campaign to penetrate un-banked segments of the population. The bank will invest US$30mn to US$40mn annually to increase its customer base to 12 million by 2010 from its current 8 million.
BancoEstado offers individuals and micro enterprises different types of low cost life and P&C policies.
BancoEstado is the third largest bank in Chile in terms of lending.