Spanish state credit insurer Cesce is looking to "add weight" to its presence in Argentina, and would like more effective collaboration with Spain's largest financial players in Latin America, Santander and BBVA.
Cesce president Álvaro Rengifo (pictured) suggested the credit insurer's growth via the global networks of BBVA and Santander could be more robust.
"They have supported us, but not as much as we would have liked," he told Spanish media outlet El Economista.
"In many of the countries where we are, the two Spanish banks are leaders. And they are also shareholders of the holding company for all of our Ciac franchises. We have not yet figured out how to strengthen this banking relationship, and I think we have a long way towards a better collaboration."
Rengifo acknowledged that each institution has its own objectives and priorities, and that Cesce represents only a small part of their business.
"Probably, we have not been as unified as possible," he noted. "For example, Spain is one of the most advanced countries in the world in credit insurance, with 28% – the rest is self-insurance; and in Latin America [the rate] barely reaches 5%, so for a bank this is a smaller activity. From here we should be able to find synergies and how to work more together because no collaboration has ended in an outstanding way."
Of Cesce's strategic plan, the president said, "We are in a process of rationalizing and optimizing resources. We are pretty good in terms of what we have, but we would love to grow.... The idea is to study more markets where we can operate. If we see opportunities in countries where there is little credit insurance, we will analyze it."
"Credit insurance is a very immature sector, which can help expand, because you can start from scratch. In Latin America, I think we are where we should be, and I do not think there are countries with opportunities, except perhaps Panama," he added.
"We are in Brazil, in Colombia, in Peru, in Chile, in Mexico, in Argentina and in Venezuela. In other words, we are in the important countries of Latin America, although in Argentina we would like to grow," said Rengifo.