France has concluded the transfer of its export credit agency (ECA) from Coface to the Banque Publique d’Investissement (Bpifrance) and rebranded it Bpifrance Assurance Export.
Coface’s 240 ECA-focused staff members have been transferred to Bpifrance to ensure continuity. Bpifrance Assurance Export teams will be led by Chritophe Viprey as general manager.
The new agency is owned and controlled by the state, with Bpifrance managing all operations and export guarantees. This transition completes Bpifrance’s offering, and will simplify access to ECA products to make them available to small and medium-sized enterprises (SMEs).
It makes Bpifrance the only portal for all internationalisation-related public aid, including cross-border investment funds, loans for international expansion, export credit, credit, foreign exchange, investment and pre-financing guarantees. Additionally, all Bpifrance financing will now be automatically guaranteed by the state.
Viprey says: “All of the teams’ energy will now be put towards the development of midcaps and high-potential SMEs’ international activity. As we do with large companies, we will support them in facing foreign customers, in order to prove the competitiveness of public support for exports.”
The French ECA was previously managed by Coface since its creation in 1946.