SID banka, d. d., Ljubljana
Conditions for takeover of SID – First Credit Insurance Company fulfilled
The Slovenian Insurance Supervision Agency (AZN) has approved the takeover of SID – First Credit Insurance Company from the side of the French Coface SA. SID – First Credit Insurance Company, from its foundation back in year-end 2004 being in 100 percent ownership of SID Bank, is a Slovenian based monoline insurance company, specialised in credit insurance and a key player in the respective insurance segment. By obtaining the AZN approval all regulatory conditions for the takeover of SID – First Credit Insurance Company (hereinafter SID–PKZ) have been fulfilled.
SID Bank and Coface SA closed the transaction, and with Coface SA stepping in as a strategic owner with long-term goals and vision. Gaining a more intensified foothold in the Adriatic region from the side of such globally recognised insurance player ensures good opportunities for further growth, development and expansion of SID–PKZ business activities. Both sides to the transaction are optimistic for enabling conditions for SID-PKZ to access a wider range of foreign markets, which will undoubtedly contribute to the growth of Slovenian economy and specially exporters with a positive impact on insurance and reinsurance of non-marketable risks that will continue to be covered by SID Bank. Beside the future development with the takeover and expansion to the Adriatic region, Coface Group SA is planning for SID-PKZ to become one of the main regional entry points of its activities. SID-PKZ will perform under a new name - Coface PKZ.
Management Board of SID banka, d.d., Ljubljana