Lisbon – 26 July 2018 – On 26 July 2018, Caixa Geral de Depósitos (CGD) and COSEC - Companhia de Seguros de Crédito (COSEC) established a distribution protocol aimed at selling COSEC credit insurance products through CGD commercial networks, the largest banking network in the country.
The Protocol was signed by the Chairman of the Board of Directors of COSEC, Maria Celeste Hagatong and by the Chairman of the Executive Committee of Caixa, Paulo Moita de Macedo.CGD can now offer its clients another financial product, which allows the credit risk management of their business transactions to be carried out under safer conditions and covers losses resulting from non-payment of sales, being particularly relevant in the export operations of goods and services to foreign markets and to support the companies’ internationalization process.This product complements the already existing cooperation between CGD and COSEC in terms of State guarantee credit insurance and strengthens CGD's current offer of products and services for the Corporate segment, namely in Foreign Trade (that comprises international transfers, documentary operations, bank guarantees) and is yet one more option to boost the development of the national companies’ business and their expansion into new markets.For COSEC, the market leader in credit insurance, this partnership will allow for the significant strengthening of its distribution network, contributing to market enlargement through the growing penetration of the insurance among national companies, especially SMEs.
About Caixa Geral de Depósitos
CGD is the leader in the Portuguese retail market. In Portugal, it has a network of 517 branches and 3.8 million clients including 2 million digital clients, and an international presence in 21 countries.CGD has 46% of the Internet banking clients in Portugal (Basetest Internet Banking study, by Marktest, 2017 average).In its July edition, the English magazine The Banker, owned by the Financial Times Group, published the Top 1000 World Banks* (Tier1) in which CGD is ranked 1st for Portugal. Caixa moved up from position 260 to 154 in just one year, confirming its robust capital position.
About COSEC
COSEC is the leading insurer in Portugal in the credit insurance business, having sold 17.2 billion euros in 2017, the equivalent to 9% of the Portuguese GDP, of which 5.4 billion euros is destined for export to more than 140 countries. COSEC offers a wide range of solutions to support credit management and control, as well as collateral guarantees, and it is also responsible for the State Guarantee Credit Insurance.
Lisbon – 26 July 2018 – On 26 July 2018, Caixa Geral de Depósitos (CGD) and COSEC - Companhia de Seguros de Crédito (COSEC) established a distribution protocol aimed at selling COSEC credit insurance products through CGD commercial networks, the largest banking network in the country.
The Protocol was signed by the Chairman of the Board of Directors of COSEC, Maria Celeste Hagatong and by the Chairman of the Executive Committee of Caixa, Paulo Moita de Macedo.CGD can now offer its clients another financial product, which allows the credit risk management of their business transactions to be carried out under safer conditions and covers losses resulting from non-payment of sales, being particularly relevant in the export operations of goods and services to foreign markets and to support the companies’ internationalization process.This product complements the already existing cooperation between CGD and COSEC in terms of State guarantee credit insurance and strengthens CGD's current offer of products and services for the Corporate segment, namely in Foreign Trade (that comprises international transfers, documentary operations, bank guarantees) and is yet one more option to boost the development of the national companies’ business and their expansion into new markets.For COSEC, the market leader in credit insurance, this partnership will allow for the significant strengthening of its distribution network, contributing to market enlargement through the growing penetration of the insurance among national companies, especially SMEs.
About Caixa Geral de Depósitos
CGD is the leader in the Portuguese retail market. In Portugal, it has a network of 517 branches and 3.8 million clients including 2 million digital clients, and an international presence in 21 countries.CGD has 46% of the Internet banking clients in Portugal (Basetest Internet Banking study, by Marktest, 2017 average).In its July edition, the English magazine The Banker, owned by the Financial Times Group, published the Top 1000 World Banks* (Tier1) in which CGD is ranked 1st for Portugal. Caixa moved up from position 260 to 154 in just one year, confirming its robust capital position.
About COSEC
COSEC is the leading insurer in Portugal in the credit insurance business, having sold 17.2 billion euros in 2017, the equivalent to 9% of the Portuguese GDP, of which 5.4 billion euros is destined for export to more than 140 countries. COSEC offers a wide range of solutions to support credit management and control, as well as collateral guarantees, and it is also responsible for the State Guarantee Credit Insurance.
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