Paris, 6 September 2018 - 18:00
Coface announces the signature of an agreement to acquire PKZ, the credit insurance subsidiary of SID Bank
Coface announces today that it has signed a binding agreement with SID Bank, a Slovenian public bank, to acquire 100% of PKZ capital, a credit insurance subsidiary of SID Bank.
Created by SID Bank in 2005, PKZ is the market leader in credit insurance in Slovenia, with a strong market share. In 2017, the company recorded €15.1m of gross written premiums on an export business focused portfolio.
The acquisition of PKZ by Coface is subject to usual regulatory approvals which are expected to be issued in the coming months.
Coface expects a slightly positive impact on its earnings per share in 2019 and a neutral impact on its solvency ratio.
Declan Daly, CEO Central Europe region commented:
"This acquisition will strengthen our footprint in Central Europe and will improve the service we provide to our customers in this region. PKZ benefits from solid market shares and we count on the contribution of its teams, who will join our regional platform to continue its development."
Xavier Durand, CEO of Coface, added:
"This acquisition is perfectly aligned with Coface's strategy. We are strengthening our presence in a strategic and growing region. This agreement demonstrates Coface's ability to grow selectively and to allocate capital efficiently, in line with the objectives of our Fit to Win strategic plan."
| CONTACTS | |
| MEDIA RELATIONS Monica COULL T. +33 (0)1 49 02 25 01 monica,coull@coface,com | ANALYSTS / INVESTORS Thomas JACQUET T. +33 (0)1 49 02 12 58 thomas,jacquet@coface,com Ana Cecilia URIBE ARCE DE BREANT T. +33 (0)1 49 02 22 40 anacecilia.uribearce@coface,com |
FINANCIAL CALENDAR 2018 (subject to change)
9M-2018 results: 24 October 2018, after market close
FINANCIAL INFORMATION
This press release, as well as COFACE SA's integral regulatory information, can be found on the Group's website: http://www.coface.com/Investors
For regulated information on Alternative Performance Measures (APM)
please refer to our Interim Financial Report for S1-2018 and our 2017 Registration Document.
Coface: for trade - Building business together
70 years of experience and the most finely meshed international network have made Coface a reference in credit insurance, risk management and the global economy. With the ambition to become the most agile, global trade credit insurance partner in the industry, Coface's experts work to the beat of the world economy, supporting 50,000 clients in building successful, growing and dynamic businesses. The Group's services and solutions protect and help companies take credit decisions to improve their ability to sell on both their domestic and export markets. In 2017, Coface employed ~4,100 people and registered turnover of
€1.4 billion.
COFACE SA is quoted in Compartment A of Euronext Paris
Code ISIN : FR0010667147 / Mnémonique : COFA
DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 "Main risk factors and their management within the Group" of the Coface Group's 2017 Registration Document filed with AMF on 5 April 2018 under the number No. D.18-0267 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.
