Euler Hermes increases Greek operations shareholding from 80 to 100 percent

24.02.2014
 

 

Euler Hermes, the world leader in trade credit insurance, has increased its participation in Euler Hermes Hellas (Greece) from 80 percent to 100 percent, with the approval of the Bank of Greece. The minority interests had been held by Groupama Phoenix and Alpha Bank.

“Euler Hermes’ strengthened presence in Greece reflects the openness of the country for business,” said Michele Pignotti, head of Euler Hermes Mediterranean countries, Middle East and Africa. “Greece has been one of the Eurozone countries that responded positively to a majority of the OECD structural reform recommendations. This buyout further reconfirms our commitment to develop our presence in the country and accompany Greek policy holders.”

In a global economic environment showing mixed growth signals, Euler Hermes expects Greece’s economy to expand by +0.5% in 2015 -- reflecting marked improvements in cost-competitiveness --following another year of decrease in 2014, of -0.2%.
 
“During the crisis we stood by Greek businesses with a high level of service, while maintaining thorough risk assessments,” said Vassili Christidis, CEO, Euler Hermes Greece. ”This experience has strengthened and consolidated our partnership with clients and together we are ready to seize the opportunities economic recovery brings, in a sustainable and profitable way. While our underwriting approach is now moderately less restrictive for both domestic and export coverage, we remain cautious given the still-fragile economic situation.”
 
Established in 1995, Euler Hermes Greece employs 50 people at its Athens headquarters and in the Thessaloniki office. It serves the market with a range of trade credit insurance solutions and debt collection services. Greece is part of the Euler Hermes Mediterranean Countries, Middle East and Africa region, along with GCC countries, Israel, Italy, Morocco, Portugal and Turkey.