French insurance group Coface plans to open an insurance subsidiary in Brazil this year or in the beginning of 2005 to offer domestic credit insurance, local news service Agкncia Estado quoted Seguradora Brasileira de Crйdito a Exportaзгo (SBCE) chairman Daniel Boulet as saying.
Coface is the majority shareholder in Brazilian export credit insurer SBCE that it runs with Brazilian banks and insurers Banco do Brasil, BNDES, Bradesco Seguros, Sul Amйrica Seguros, Unibanco AIG and Minas-Brasil.
Boulet said Coface would file a license to open the new subsidiary with Brazil's insurance regulator Susep within the next two weeks.
The French insurer will start the new company with the minimum 7.2m reais (US$2.5m) capital demanded by the local regulator and then inject additional capital when the new operation begins to grow, he added.
