Chile's Grupo Security SA plans to expand its business in Peru in "all products and services," Chairman Francisco Silva said, according to a report by Diario Financiero.

The banking and insurance group has identified the country's banking sector as "very consolidated" and does not expect to buy a bank there unless an opportunity emerges. "We would like to expand as much as we can [in Peru]... but we are also realistic and can identify its consolidated sectors," Silva reportedly said.

Grupo Security currently operates an insurance business in Peru and the chairman said the company would continue to study if there is a way to also start banking activities in the Andean country. The financial group owns Banco Security SA in Chile.

Silva also maintained that the group would not grow its staff in Chile beyond what is necessary, rebutting a call from Chilean Finance Minister Felipe Larraín for private sector companies to hire extra staff in order to spur economic growth.

"I think the finance minister would like to see a greater speed in which these things happen but they cannot be forced," the Grupo Security chairman said.