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Report: Chile's Banco Ripley looking to expand product range, improve efficiency

Chile'sBanco Ripley isworking with consultants to expand its range of products and make itsoperations more efficient, DiarioFinanciero reported April 6, citing anonymous sources at the bank.

Followingthe decision by Chilean retailer Ripley to transfer its consumer credit cardbusiness to its banking unit, Banco Ripley increased provisions in 2015 tocover the higher risk. However, the bank is working with consultants to improveits risk management and efficiency, while also expanding the range of productsit offers, the report said.

BancoRipley's operating costs reportedly rose in the fourth quarter of 2015 duemainly to higher provisions, but this was partially offset by a reduction innon-operating expenses.

Ripley'smain competitors in the retail sector, Cencosud and Falabella, also own banks –Banco Paris andBanco Falabella,respectively. Cencosud sold Banco Paris' consumer banking business to in 2015, whileBanco Falabella remains focused on consumer loans.