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Grupo Security’s New CEO Debuts with US$ 50 Million Digital Investment Plan

The firm aims to achieve annual revenue of between US$ 20 million and US$ 30 million once the digitization process is in place.

August 23, 2022


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Grupo Security’s new CEO, Fernando Salinas, made his debut on Friday before market agents at the company's earnings presentation.

At the beginning of August, Salinas was appointed the holding company's new CEO, replacing Renato Peñafiel, who in turn took over as the Group’s chairman following the resignation of Francisco Silva.

Accompanied by the corporate digital and data manager, Francisco Letelier, Security's new CEO presented to analysts the details of a new phase in the company's digitalization process.


Plan Specifics

Salinas's plan at Security’s helm includes a series of initiatives to be developed over the next four years that will involve an investment of close to US$ 50 million.

He specified that the amount will be paid out gradually, as each initiative complies with internal approval processes and meets expected outcomes.

The plan will focus on four Group entities that together generate 97% of the Group's profits: the bank, inversiones (asset management), factoring and vida (life insurance).

The strategy is based on four pillars. First, it will accelerate the current business, improving efficiency and operational costs, driving self-service and increasing digital sales for existing and new customers.

The second pillar involves optimizing data to provide greater agility and access to information.

The third part consists of creating new sources of value.

They reiterated that the organization is betting on signing agreements with fintechs and developing new digital products and services.


The last pillar is to develop new capabilities such as unified data and analytics, among other elements.

Broken down by entity, starting in the fourth quarter, the bank will begin to improve loan origination for individuals and companies. For the coming year, efforts will focus on strengthening transactional products and enhancing commercial tools.

Inversiones Security began implementing new digital channels and offering online product sign-up. This aims to enhance advising and growth through virtual channels, while also reducing customer acquisition costs.

For the life insurance company, the focus is on building alliances and developing new products to optimize the digital offering of individual and group policies.


Higher Revenue

Through these efforts, they aim to generate additional revenue of between US$20 million and US$30 million per year.

They emphasized how new alliances with fintechs have already reaped rewards: as of July 2022, they have generated net income in excess of $530 million.