“This acquisition is perfectly suited to La Coface`s strategy. We are strengthening our presence in a strategic and growing region. This agreement demonstrates the ability of cofaces to grow selectively and efficiently allocate capital, in line with the objectives of our Fit to Win strategic plan. COFACE SA announces that it has signed an agreement with the Norwegian Ministry of Trade, Industry and Fisheries for the acquisition of GIEK Kredittforsikring. Coface announced today that it has signed a binding agreement with SID Bank, a Slovenian state-based bank, to acquire 100% of the capital of PKZ, a credit insurance subsidiary of SID Bank. FINANCIAL INFORMATIONSThis press release as well as full regulatory information from COFACE SA are available on the Group`s website:www.coface.com/Investors If your factoring contract is combined with credit insurance, Coface Finanz (the postman) becomes the direct beneficiary of all credit insurance benefits that could be paid in the event that an invoice financed by our business is not paid. Do you have a question? A request? CALL US: Tel.: `33 (0)1 49 02 20 00 Media Contact: Amelie RIVENETAmelie.firstname.lastname@example.org (0)1 49 02 11 01 Taline SARKISSIAN email@example.com (0)1 55 74 52 34 Coface`s acquisition of PKZ is subject to customary regulatory approvals, which are expected to be granted in the coming months. “This acquisition will allow us to strengthen our presence in the northern markets, a region where open economies rely on strong exporters. We are pleased to welcome the GIEK Kredittforsikring teams to join our regional platform. A company sends a large order to a new customer in a developing market. If the customer does not pay within the agreed time frame, the company is threatened with insolvency or even bankruptcy. Credit insurance helps businesses avoid this risk. Coface offers credit insurance worldwide.
Coface`s services also include collection offices, factoring and business information on the prevention of non-payment risks, as well as obligations (market, environment, taxation, etc.). COFACE SA: The takeover agreement of GIEK Kredittforsikring Coface will pay 90% of the amount owed by the toy manufacturer`s customers from September if deliveries are made, so that the toy manufacturer can safely fulfill all its obligations and deadlines. Since the toy manufacturer also has credit insurance, Coface Poland Factoring will withdraw all compensation directly in the event of non-payment of a claim. The company experienced this situation once, but in the off-season, with a wholesaler specializing in the supply of pre-schools in Central Europe. Thanks to its credit insurance, the toy manufacturer was compensated for the non-payment. In 2002, Natixis became the majority shareholder of Coface. Katarzyna Kompowska, CEO Of Northern Europe Region, commented: In addition to our country and sector risk updates for the third quarter of 2020, the Coface`s Political Risk Index highlights a twofold trend: a reduction in the risk of global conflict, but an increase in the risk of political and social fragility. Panorama: Global renewable energy is increasing despite COVID-19 .
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