Allianz Trade x Banco BPI: Corporate Announcement

February 24, 2023

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.


Allianz Trade contact

Maxime Demory

+33 1 84 11 35 43

Banco BPI contact

Rui Silva

+351 912 454 299

About Allianz Trade
We predict trade and credit risk today, so companies can have confidence in tomorrow

Allianz Trade is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in +80 million corporates solvency. We give companies the confidence to trade by securing their payments. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Allianz Trade is present in 52 countries with 5,500 employees. In 2022, our consolidated turnover was € 3.3 billion and insured global business transactions represented € 1,057 billion in exposure. For more information, please visit

About Banco BPI
To contribute to the financial well-being of its Clients and to the sustainable progress of Society as a whole

BPI is a financial institution focused on providing retail banking services in Portugal, where it is the fourth largest bank in terms of business volumes, with a 11% market share in loans and in customer funds. BPI is part of the CaixaBank Group, and, since the end of 2018 holds the entire share capital. BPI's business is organised into several segments: Retail, Premier, Private Banking, SMEs, Corporate and Institutional Banking.  BPI offers a complete range of financial products and services, adapted to the specific needs of each sector, through a specialised, omnichannel and fully integrated distribution network. For more information, please visit