OTTAWA --June 28, 2005-- Export Development Canada (EDC), Canada's export credit agency, and the Canadian arm of a worldwide business-to-business trade facilitator, Compagnie Française d'Assurance pour le Commerce Extérieur SA (Coface), have entered into an agreement for the provision of domestic receivables cover to EDC's short term insurance customers. This agreement will enable Canadian exporters who receive insurance cover for their export receivables from EDC to obtain cover for their domestic receivables from Coface.
"This strategic alliance brings over 120 years of combined experience to serve the needs of our customers for domestic and export insurance, using a one-stop shopping approach," said Pierre Gignac, EDC Senior Vice-President, Short-Term Financial Services. "In providing this service, EDC ensures its customers have access to the insurance tools they may need in order to be successful on the international stage," added Mr. Gignac.
"We take great pride in the fact that EDC has selected Coface for this arrangement and we share EDC's commitment to Canadian businesses. We have a long history of underwriting trade risk in Canada. This expertise, combined with our enthusiasm for the project, will ensure its success," said Michael Ferrante, President of Coface North America, Inc. "EDC is the recognized leader in customer service for the Canadian commercial trade credit market. We have made a commitment to uphold this high standard for our joint policy holders," he said.
The agreement was signed at EDC's corporate headquarters in Ottawa.
About EDCEDC is a Crown corporation that provides trade finance and risk management services to over 6,900 Canadian exporters and investors. In 2004, EDC supported $54.9 billion in export sales or investments in some 175 markets worldwide. EDC is a recognized leader in providing essential commercial financial solutions to Canadian companies of all sizes, and their customers, helping them succeed in the global marketplace.
About CofaceFounded in France in 1946, Coface is a subsidiary of Natexis Banques Populaires and Groupe Banque Populaire whose Tier 1 share capital was 13.4 billion euros at the end of 2004. Coface facilitates business-to-business commerce worldwide. It offers companies an array of solutions for managing, financing, and protecting their accounts receivable and gives them the option of fully or partly outsourcing trade relationship management and attendant risks. Globally, Coface serves 85,000 clients with over 4,600 staff organised in every country around integrated sales forces and four product lines: credit insurance, company information and rating, receivables management, and receivables factoring and securitisation. Coface also continues to develop three other business lines: guarantee insurance, accounts-receivable technical training, and, in France, management of government export guarantees. Coface has direct presence in 58 countries and operates in 93 countries via partners in its CreditAlliance worldwide network, organised around an integrated credit risk management tool, Coface's Common Risk System. Coface is rated AA by Fitch and Aa3 by Moody's.
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Media Contact :
Phil Taylor EDC-Public AffairsTelephone: (613) 598-2904Email: ptaylor@edc.ca
