Coface appoints Abhay Narkar as Vice President and Head of Single Risk, Financial Institutions & Structured Finance in Asia Pacific Region11/25/2016
As Coface positions its business in the Asia Pacific Region for growth we need to ensure that we are driving global and regional collaboration to deliver our global product and sector expertise to provide smart solutions for our customers, as well as to ensure acceptable and smart risk management. In order to do this, we are strengthening and upgrading our coverage in the important segments consisting of solutions for financial institutions, single risk transactions and structured finance.
In the 2nd Quarter of 2016, seasonally adjusted activity decelerated to 1.5 %, down from 2.5% y/y reported in the previous period. Industry, which shrank by 1.5% q/q, was the main contributor to this weak result, due to the fall in oil production and challenges faced by manufacturing and construction industries. The services sector also slowed during the period, to a growth rate of 2.4% YoY, down from 3.4% for 1Q2016.
At the end of 2016, global sector trends remained mixed, including in the regions that until now have been relatively spared by the increase in risks. Over the whole year, across 12 sectors evaluated in six regions of the world, nearly half saw their assessments change. There were 23 downgrades for 10 upgrades.
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