Allianz Trade to acquire remaining stake in Cosec from Banco BPI
By Gloria Methri
Allianz Trade is set to acquire a 50% stake in Cosec, the Portuguese trade credit insurance firm, from Banco BPI. Allianz Trade already owns 50% of Cosec and upon completion of the transaction will hold 100% of the company.
Founded in 1969, Cosec (Companhia de Seguro de Créditos, S.A) specialises in trade credit insurance. The company became a 50/50 joint venture between Allianz Trade and Banco BPI in 2007. Subject to regulatory approvals, including an antitrust review, the transaction is expected to be completed in the first half of 2023.
“Cosec was already part of the Allianz Trade family, and we are delighted to welcome them as a full member of our Group. This is a major business opportunity and a new step in our growth strategy which will allow us to strengthen our presence in Southern Europe”, said Loeiz Limon-Duparcmeur, Group CFO and Member of the Board of Management of Allianz Trade in charge of Finance and Investment Management.
In addition to this acquisition, Cosec and Banco BPI will renew their partnership by signing a new distribution agreement at the time of completion of the transaction. This new agreement will continue the long-standing and successful partnership that exists between Allianz Trade and Banco BPI.
“This agreement will further strengthen the cooperation between Banco BPI and Allianz Trade for the distribution of credit insurance for companies. Our aim is to continue helping companies to trade with confidence, both in Portugal and in the global markets”, said Pedro Barreto, a Member of the Board and Executive Committee of Banco BPI.
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