PA - Banco Security

10 business areas 55
SECURITIZADORA SECURITY S.A.
The result of Securitizadora Security S.A. for 2010 was a loss of Ch$83.6 million. A large part of this
loss is explained by costs incurred due to the earthquake in February, for which it was necessary
to dedicate extraordinary resources to the management of claims related to the properties
managed. As part of this effort, Securitizadora performed preventive incident detection work
on the portfolio supporting the separate assets with its own resources, especially in the most
affected parts of the country. While the claim liquidation process has been slower than expected,
the company has introduced a work team especially dedicated to claims liquidation in order to
minimize errors in the liquidation processes. At the same time, work has also been carried out in
perfecting information systems to improve the quality of the master management of the assets.
During October 2010, Securitizadora Security placed bonds of the issue BSECS11-C2 for a
nominal value of UF 13,000 at 5.75%. These bonds are a mezzanine series with a credit rating
of A, a clear sign of the growing market interest in having innovative investment options with
attractive returns.
For 2011, Securitizadora Security will continue to focus its efforts on ending the claims liquidation
process, which should occur in the second quarter. It will also continue with the development
of systems that automate certain key processes, which will enable it to meet the standards that
the market in general requires for this type of assets, and to actively continue the search for new
business.
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