French export credit insurer Coface has obtained a licence to operate in Israel.
Coface was already present in the country through the local business information company BDI-Coface. Now the licence allows Coface to expand and simplify the distribution of credit insurance solutions to Israeli companies.
Commenting on the Israeli licence, Jean-Marc Pillu, Coface CEO, says: “Israeli businesses have been skilled at coping with fluctuations in the economic cycle and have today a healthy financial position. Coface’s payment experience for the country is positive. On this high-potential market, the direct offering in credit insurance will allow us to be closer to our clients and to provide them with tailor-made solutions.”
Establishing a presence in Israel is another instance of Coface’s expansion into new markets. Last year, Coface obtained credit insurance licences in Columbia and Morocco, opened commercial offices in the Philippines and Kazakhstan, and signed a commercial partnership in Serbia, bringing the number of countries it offers credit insurance in to 98.