Euler Hermes, the French credit insurance company, has announced that it has raised its stake in its Greek joint-venture, Phoenix Credit Insurance, from 34 to 50 per cent. The insurer set up the subsidiary eight years ago in partnership with the Greek banking group Emporiki.
Phoenix Credit Insurance, which changed its name to Euler Hermes Emporiki at its last AGM, boasts an unrivalled 39 per cent of the Greek credit insurance market.
Emporiki also has a significant factoring business, Emporiki Factoring.
Source: La Tribune
