Allianz Trade is about to acquire from Banco BPI a 50% stake in Cosec, a Portuguese trade credit insurer. Allianz Trade already owns 50% of Cosec and after the transaction will own 100% of the company.

Founded in 1969, Cosec (Companhia de Seguro de Créditos, S.A) specializes in commercial credit insurance. The company became a 50/50 joint venture between Allianz Trade and Banco BPI in 2007. Following regulatory approval, including an antitrust review, the transaction is expected to close in the first half of 2023.

“Cosec was already part of the Allianz Trade family, and we are delighted to welcome them as a full member of our Group. This is a major business opportunity and a new step in our growth strategy which will allow us to strengthen our presence in Southern Europe”,

Loeiz Limon-Duparcmeur, Group CFO and Member of the Board of Management of Allianz Trade in charge of Finance and Investment Management.

In addition to this acquisition, Cosec and Banco BPI will renew their partnership by signing a new distribution agreement upon completion of the transaction. This new agreement will continue the long and successful partnership between Allianz Trade and Banco BPI.

“This agreement will further strengthen the cooperation between Banco BPI and Allianz Trade for the distribution of credit insurance for companies. Our aim is to continue helping companies to trade with confidence, both in Portugal and in the global markets”,

Pedro Barreto, a Member of the Board and Executive Committee of Banco BPI.