MADRID (AFX) - Prosegur Cia de Seguridad SA plans to expand further in Eastern Europe in the future, while also considering northern Europe as a 'great opportunity,' Financial Director Daniel Lozano said.
The company recently entered the Rumanian security market.
Speaking at the Small and Mid-Cap conference organised by Bolsas y Mercados Espanoles, Lozano said: 'We are not interested in Poland, which is a very mature market...But Bulgaria is a possibility, as well as the Balkans at some point in the future.'
'There are not really any large retail banks there (in the Balkans) at present...But the big Spanish banks will expand there' eventually, Lozano noted.
But he highlighted the 'political barriers' in that region, as well as in Russia 'which has great potential,' adding that the company would need to enter these markets 'with a clear business model.'
'A lot of care would be needed to expand in these markets....we would come up against barriers of a political nature,' the FD said.
Apart from its strong European focus, the security services company is also present in the Brazil and Mexican markets, both of which Lozano described as having 'enormous growth potential,' due to the 'high level of insecurity' in the regions.
In the first quarter to March, Prosegur's Latin American revenues rose 61.5 pct, compared to 21 pct in Europe. afxmadrid@afxnews.com jdy/jg/jfr COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited