French credit insurance group sets up SA subsidiary

THERE’S A new name in the local credit insurance market. The French-based Coface group has bought local credit insurance company CUAL to establish Coface ZA which will assist local companies in targeting export markets previously not easily accessible. France-based CEO Jerôme Cazes was in South Africa last week to formally launch the new company. Coface is present in 58 countries and has partnerships in 93, offering services via its CreditAlliance network. “We see South Africa as the most dynamic country in the sub-Saharan region, with strong economic growth and export potential. We believe we can provide material assistance in helping local companies access existing and previously untapped markets,” said Cazes. “We will be talking to a wide range of industries, from wine and fruit farming, to mining and industrial companies.