annual report grupo security - Banco Security

annual report 2007grupo securitypage 45V A L O R E S S E C U R I T Y S . A . C O R R E D O R E S D E B O L S ABased on its three principal business areas (fixed income, equities and currencies), Valores Security S.A. Corredores deBolsa produced a net income of Ch$7,228 million in 2007, being a notable real increase of 227.8% compared to theyear before. The return on its capital and reserves was 34.4%.Valores Security increased its volumes traded by 52.3% in real terms last year, to a total of Ch$1,694 billion, giving it9th place among the 38 stockbrokers operating in the local market. Its average market share increased from 2.97% in2006 to 3.32%, considering trading on both the Santiago Stock Exchange and the Chilean Electronic Exchange.The good results of Valores Security S.A. Corredores de Bolsa, a subsidiary of Banco Security, are due to the searchfor new opportunities in the financial market following the high volatility characterizing market trading activities inChile.A S E S O R Í A S S E C U R I T Y S . A .Asesorías Security S.A. produced a net income of Ch$182.4 million in 2007, representing growth of 69.6% over theprevious year.The subsidiary Asesorías Security S.A., following its creation in 1992, has seen an important increase in its productsand services. This is partly due to its alliance with Morgan Stanley & Co., an American institution for which it is aninvestment product distributor among institutional clients like pension fund managers, mutual fund managers andlife insurance companies.S E C U R I T I Z A D O R A S E C U R I T Y G M A C - R F C S . A .Securitizadora Security GMAC- RFC S.A. generated a net income of Ch$455 million in 2007, compared to a loss ofCh$351 million in 2006. This was partly due to the successful placement of two securitized bond issues, in both theirpreferential and subordinated series, as well as different innovations made in the securitization market.