Coface, a credit insurance provider based in France, has agreed to acquire 100% of PKZ, the credit insurance arm of Slovenian lender SID Bank.
PKZ, established in 2005, reported gross written premiums of €15.1m last year on an export business-focussed portfolio.
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Coface expects the takeover to positively affect its earnings per share next year. The French insurer also expects the transaction to have a neutral impact on its solvency ratio.
Commenting on the deal, Coface CEO Xavier Durand said: “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.”
The deal, whose financial terms were not revealed, is pending regulatory approval. This approval is anticipated in the coming months.
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By GlobalDataCoface CEO for Central Europe region Declan Daly said: “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.”
