Coface Group, the export credit insurance and commercial risk management firm, has signed a partnership agreement with Ping An, the second largest insurance company in mainland China. This partnership will enable Ping An to provide Chinese companies and Chinese subsidiaries of international companies with credit insurance. Schneider Electric Investment Holding Co, the Chinese subsidiary of Schneider Electric Industries, signed the first domestic credit insurance policy under the terms of the agreement.
The partnership with Ping An reinforces Coface’s commitment to contribute to the development of trade credit in China and represents a milestone in the gradual opening up of the Chinese corporate credit market, a vital ingredient for continued economic growth. In the arrangement, Coface provides Ping An with the technical, operational and systems resources to operate a credit insurance enterprise. The company will issue credit insurance policies supported by Coface’s international expertise.
Schneider Electric Industries’ signing of the first domestic credit insurance policy with Ping An is an example, claims Coface, of how Chinese subsidiaries of international companies can now access local service – in the Chinese language and currency – that is based on international standards.
This agreement adds to the standard guarantees that Coface now offers international subsidiaries in 56 countries around the world, including the Americas (US, Brazil, Argentina, Mexico, Chile), all European countries, and Asia (Continental China, Hong Kong, Japan and Singapore).
Coface has been authorised to set up a representative office in Beijing and has signed a partnership agreement with China Merchant Bank, one of the leading Chinese banks, for the distribution of its @rating suite of services to client companies.
A Coface subsidiary in Shanghai has been offering credit management services linked to the @rating services since 2001. The group has created a joint venture, Kompass China, and has formed a partnership with Huaxia International Business Credit Consulting, for information services. Additional offices are located in Hong Kong, (since 1996), Singapore (since 1994), and Japan (since 1996).