PARIS – 24 JUNE 2015 – Arkéa Banque Entreprises et Institutionnels, a subsidiary of Crédit Mutuel Arkéa, and Euler Hermes, the worldwide leader in trade credit insurance and a member of the Allianz Group announce a distribution agreement to offer French companies a comprehensive line of services to address financing challenges and guarantee receivables in France and abroad.
“Through this new partnership, we provide our customers with easy access to a complementary service that helps them to secure their cash flow while at the same time supporting their export growth,” says Gérard Bayol, chairman of the Management Board of Arkéa Banque Entreprises et Institutionnels. “This new product line complements our overall product range and fits perfectly with our development strategy, especially abroad.”
“Our regional growth companies need to penetrate new markets in France and abroad while still maintaining their profitability,” adds Eric Lenoir, chairman of the Executive Committee of Euler Hermes France. “Thanks to our experience with customer risk and our information on more than 40 million companies worldwide, we help customers anticipate non-payment risks to ensure their long-term development.”
Euler Hermes forecasts French economic growth to improve slightly in 2015 (+1.2%), and the number of insolvencies is expected to ease in 2015 and 2016 (1% and 3%, respectively). The level of insolvencies would nevertheless remain at a record high in terms of volume, above the symbolic threshold of 60,000.
In this environment, unpaid invoices can have a highly detrimental impact on companies already weakened by reduced profit margins and years of pressure on their cash flow. By complementing their existing financing solutions, Arkéa Banque E&I’s customers will gain protection against unpaid invoices through a credit insurance policy adapted to their specific customer risk coverage needs.
Photo: Gérard Bayol, chairman of the Management Board of Arkéa Banque Entreprises et Institutionnels, and Eric Lenoir, chairman of the Executive Committee of Euler Hermes France, at the signing of the partnership in Paris.