Chile'sBanco BICE and created on April 22 a new factoring subsidiary under the name BICE Factoring S.A.,Banco BICE said in a securities filing May 11.

The company,which will start operations June 1, has initial capital of 7 billion Chilean pesoscomprised of 70 million shares.

BancoBICE paid 3.50 billion pesos corresponding to half of the 69.99 million shares itsubscribed, while Compañía de Inversiones BICE Chileconsult paid 350,000 pesos forhalf of the 7,000 shares it subscribed.

The shareholderswill pay for the remaining shares within six months, the filing said.

As of May 10, US$1 was worth 677.18Chilean pesos.