Monex Bank to Kick off in 2H02

Chile's Banco Monex will start operations in 2H02, after receiving provisional authorization on Thursday from the banking regulator to set up the necessary infrastructure to operate a bank, local press reported. Banco Monex will seek to become a niche player catering to both corporate and small- and mid-sized enterprises, Monex project manager Carlos Olguin said. Monex requested a banking license from the regulator earlier this month and it is the fifth authorization the regulator has granted since 2000. Deutsche Bank and Banco Safra were authorized to operate as banks in Chile last year, while Banco Ripley and Banco HNS received the go-ahead this year. Banco Monex is part of the Monex group, which is owned by Chilean businessman Jacques Ergas Benmayor. The group is involved in financial investments, trade financing and foreign exchange operations.