Global credit insurer Coface is launching its insurance offering in Greece, after receiving a licence from the Greek regulatory authority.

This comes following the southern European country’s exit from the European bailout programme in August last year, and a series of reforms which have enabled it to return to international markets and partially lift capital controls. This “paves the way for a promising credit insurance market,” according to Coface, which will now provide risk prevention and payment protection services to local companies.

A spokesperson for Coface tells GTR that it has hired Anastasios Katsiris to the post of country manager in Greece, and that further hires may be in the pipeline. Prior to taking on this role, Katsiris was a management consultant to Coface. He previously served as director of the credit insurance division of Greek insurance company Ethniki Asfalistiki for 20 years.

Commenting on the opening of Coface’s Greek outpost, Xavier Durand, CEO of Coface, says: “Our Greek licence extends Coface’s historically strong presence in the Mediterranean and Africa region, which represented 27% of the group’s revenues in 2018. Greece is a promising market for Coface, where business confidence is improving, and growth is expected to be buoyant in 2019. Our direct credit insurance offer in Greece will reinforce Coface’s support to local businesses, which up to now were served through our international network.”