ONDD acquires bigger share of Garant

Belgium’s official export credit agency, ONDD, has acquired a 33% stake in Austrian credit insurer Garant.

This acquisition, which comes from Russian insurers Ingosstrakh, brings ONDD’s total participation in Garant to 83%.

This is part of a more extensive arrangement between ONDD and Ingosstrakh through which the two institutions have strengthened their links with the creation of a joint venture in Russia which specialises in credit insurance in the Russian domestic and export markets, called INGO-ONDD.

Through Garant’s Geneva office, ONDD will gain easier access to the Swiss credit insurance market with the aim to expand its client base.

Dirk Terweduwe, ONDD’s chief executive officer, says: “ONDD is particularly pleased to become a strategic reference shareholder for Garant. ONDD is a reliable and solvent partner with in-depth knowledge of emerging markets.

“The combination of insurance capacities from both companies will strengthen their position in the market.”

Garant’s chief executive officer, Louis Habib-Decloncle, adds: “We greatly appreciate the continuing support of our shareholders shown over years.”