Coface announced that it has signed a binding agreement with SID Bank, a Slovenian public bank, to acquire 100% of PKZ capital, a credit insurance subsidiary of SID Bank.
Created by SID Bank in 2005, PKZ is the market leader in credit insurance in Slovenia, with a strong market share. In 2017, the company recorded €15.1m of gross written premiums on an export business focused portfolio.
The acquisition of PKZ by Coface is subject to usual regulatory approvals which are expected to be issued in the coming months.
Coface expects a slightly positive impact on its earnings per share in 2019 and a neutral impact on its solvency ratio.
Xavier Durand, CEO of Coface, added: “This acquisition is perfectly aligned with Coface's strategy. We are strengthening our presence in a strategic and growing region. This agreement demonstrates Coface’s ability to grow selectively and to allocate capital efficiently, in line with the objectives of our Fit to Win strategic plan.”
Selih & Partners advised Coface on this deal and their team was led by Partners Natasa Pipan Nahtigal and Jera Majzelj.
