German credit insurer Gerling NCM will acquire the Australian government’s Export Finance & Insurance Corp’s short-term export credit insurance business next month, said Trade Minister Mark Vaile.
The acquisition, which is subject to Gerling NCM receiving an appropriate licence from the Australian Prudential Regulation Authority to operate in Australia, is expected to be completed at the end of September, Vaile said in a statement. The sale price wasn’t disclosed.
"Gerling NCM’s acquisition is a win for exporters as it brings an industry leader to the market, which means more choice for exporters and access to world-class services, particularly for smaller exporters," Vaile said.
He noted Gerling NCM has already demonstrated its ability to support Australian exporters via its alliance with the Export Finance & Insurance Corp. since early 2002.
