France

Managing Director of GE Capital Patrice Coulon comments on the new Late Payments Directive.

In an economic downturn, particularly in the eurozone, Coface continued to increase its turnover, which totalled €1,571 million (+1.4%). Premiums rose by 3.1% due to strong sales momentum despite the weak growth in customer activity.

 

In particular, the emerging markets contributed to this performance: Asia Pacific (+20.1%) and Latin America (+18.5%), areas where Coface is the market leader.

 

In the United States, premiums displayed significant growth (+14.2%). The increase in premiums in Western Europe (+2.4%) and in Central Europe (+14.9%) remained positive, despite the sharp deterioration in the economic situation in these regions. Only Northern Europe posted a drop (-11.8% and -2.5% excluding non-recurring adjustments): activity in Germany was constrained by the deliberate temporary reduction policy in factoring as part of its financial autonomy programme.

 

 

Crédit Agricole Leasing Factoring has announced new managerial appointments.

 

Pierre Moscovici speaks in favour of factoring facilitation.

A new government guarantee scheme to enable over EUR500 million worth of cash to be provided to SMEs has been launched.

The French finance minister, Pierre Moscovici, has announced the launch of 'a new device [of] public guarantee' so that SMEs and VSEs can contract with their bank cash loans through a fund of EUR500 million.

Crowd finance may become an important source of SME finance, subject to milder legislation.

Natixis Factor's notes receive AAAsf(EXP) from Fitch.

Credit Agricole s online invoice financing programme for SMEs has surpassed the EUR1 billion benchmark.