Portugal 2006-2007 Factoring revenues consistently rising

The value of credit granted to factoring clients, as at 31 December 2005, reached €3,990 000 which represents growth of 14.2% compared with €3,490,000 the previous year. Total factoring revenues, apart from the decrease experienced in 2002, have been on a rising trend for a consistent period. There was an increase of 8.6% in 2005, slightly above the increase in factoring commission.

Euler Hermes raises stake in credit insurer

Euler Hermes, the French credit insurance company, confirmed on Friday that it has increased its stake in the Portuguese credit insurer Cosec to 41 per cent by buying 16.7 per cent of its capital from the Portuguese bank BPI.

Cosec in talks for Euler Hermes to raise its stake

Euler Hermes, world leader in credit insurance, already holds 8.5% in Cosec, but is interested in increasing its holding with the aim of dominating the Portuguese market, where Cosec currently holds a 65% share of credit insurance business.