Despite the global economic crisis, Coface lifted revenues by a satisfactory 7.1% in 2008, with the impetus coming from
Trade Receivables Protection and Services (Rating and Business Information, and Trade Receivables Management) outside
Europe and from Trade Receivables Finance.
The decline in net profit was restricted to 54.1%, thanks to fine performances from Trade Receivables Finance and Services.
Coface Holding generated over 62% of consolidated sales outside France in 2008. The four business
lines are being gradually rolled out in the 65 countries where we have a direct presence (with the
addition of Egypt in 2008). The Trade Receivables division for each of the four business lines ranks
fi rst worldwide for geographic coverage.
Trade Receivables Protection (domestic and export) grew turnover by 4.6% compared to 2007.
Trade Receivables Finance increased by 16.8% and the Services line (Ratings, Information,
and Trade Business Receivables Management) improved revenues by 7.7%.
Coface ultimate shareholder, BPCE, formed from the Caisse d'Epargne and Banque Populaire merger, has a Tier 1 capital of €38 billion and represents 22% of French bank total deposits. The new combine employs nearly 110,000 employees. It constitutes the second French banking group, and one of the strongest European financial institutions.
Our reinsurance treaty was renegotiated under good terms with re-insurers all which have ratings of A, AA or AAA.
Fitch | A+ |
Moody's (08th of september 2009) | A2 |
Standard & Poor's (26th of february 2010) | A-
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