Allianz Trade, the world leader in trade credit insurance, is to acquire a 50% stake in Cosec, the Portuguese leader in trade credit insurance, from Banco BPI, one of the largest Portuguese banks. Allianz Trade already owns 50% of Cosec and upon completion of the transaction will hold 100% of the company.
Cosec (Companhia de Seguro de Créditos, S.A) was founded in 1969 and is the Portuguese leader 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”, says Loeiz Limon-Duparcmeur, Group Chief Financial Officer 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 with the signature of 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”, says Pedro Barreto, Member of the Board and Executive Committee of Banco BPI.
Update on 25 September 2023:
Allianz Trade received all necessary approvals and the transaction was completed on 25 September 2023. Additionally, a new distribution agreement was entered into between COSEC and Banco BPI on the same day, allowing to continue the successful and close cooperation of distribution of trade credit insurance products in Portugal.