Coface sells its stake in Cofacrédit
Coface insurance announces today that it has ceded to Factofrance (Groupe Crédit Mutuel – CM11) its 36% stake in the capital of Cofacrédit, a factoring company previously jointly owned by the two groups. This minority stake was not core to Coface's development strategy in the factoring sector. The disposal is also in line with the objective of the second pillar of the company’s Fit to Win plan, which aims to improve Coface’s capital efficiency.
Coface reaffirms the strategic nature of its factoring activities, carried out through its subsidiaries in Germany and Poland: these generate commercial and operational synergies with its credit insurance business. Coface will therefore continue to develop partnerships with factoring companies, which are a key lever in developing credit insurance. In this respect, Coface is pleased that its commercial partnership in France with the factoring line of business of Groupe Crédit Mutuel – CM11 will continue.
Coface expects that the transaction will have a slightly negative impact on its net income for Q2-2018 and a positive impact of approximately 3 points on its solvency ratio.
Carine Pichon, Coface's Chief Financial and Risk Officer, said:
"The disposal of this non-strategic asset will improve our capital efficiency, in line with the objectives of ourFit to Winstrategic plan. We take this opportunity to celebrate our continuing partnership with the Groupe Crédit Mutuel – CM11. »
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