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  • 2020/09/03
  • 5 min

Crédit Agricole strengthens support for the recovery of the Portuguese economy

Factoring, green debt issuance, consumer credit and health insurance services. The French group, present in Portugal for more than two decades, has made a very significant investment to support the Portuguese and the industries.

Crédit Agricole CIB, the corporate and investment banking unit of the Crédit Agricole Group had the honor of being invited by the Portuguese Treasury to place the two most recent syndicated deals of the Portuguese Republic, deals that got a record demand from investors. Crédit Agricole has been Primary Dealer of Portuguese debt since the late nineties and is proud of the trust received from the Portuguese authorities since then.

Credit Agricole’s support for the Portuguese economy in the crisis is however broader. Present in key areas of the economy such as factoring services, issuing green bonds, consumer credit or health insurance, the four companies of the group have already helped the country in issuing debt from the Portuguese Republic, inclusion of the pandemic in health insurance conditions, provided support for the financing of the business development and for Portuguese consumption.

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This is a crucial phase for the country that should be supported by the banking sector, a key player in the recovery of the Portuguese economy. Its supports to companies, either public or private, and to consumers enables both production and consumption to resume. As a group committed to its clients, Crédit Agricole intends to play its full role in the recovery of the Portuguese economy. It has therefore designed dedicated measures to respond quickly to the needs of each client.

Xavier Musca Deputy CEO of Crédit Agricole SA

With a global presence, Crédit Agricole CIB supports Portuguese companies in projects in different geographies, projects with an important contribution to the process of energy transition to cleaner and more renewable energies. In 2019, the team supported EDP-Energias de Portugal SA in its inaugural green hybrid issue of €1 billion to finance or refinance its green projects portfolio. The Sustainable Banking area is one of the pillars of this unit's strategy in line with the Group's commitment to strengthening its position as a European leader in responsible investment. In Portugal, Crédit Agricole CIB accompanies the group's major clients, advising, structuring and financing investments in different sectors. They also have a team dedicated to supporting the SME-type customers of the Crédit Agricole Group who decide to install in Portugal.

Aware of the scale of the health crisis, GNB Seguros was one of the first insurers to choose not to apply the pandemic exclusion to its customers with health insurance. Together with its partners, the company was able to innovate and quickly adapt its processes, to guarantee quality in claims management and offer new useful services during this pandemic, such as the medical consultation service at a distance or even a car advice line to clarify customers on how to care for their vehicles during containment. Finally, true to its social commitment, GNB Seguros joined the action developed by the Portuguese Insurance Association (APS), contributing to the constitution of a Solidarity Fund, worth 1.5 million euros, for victims of COVID-19.

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I value ​​each employee for having been made a commitment, since the first days of this crisis, never seen before, for the company to continue to play its full role as responsible insurer. We are present and innovate, with our partners, to provide the best service to our customers, small companies, professionals and individuals, and respond every day to their needs and protect their assets, their projects and their family.

François Baudienville CEO of GNB Seguros

On the other hand, Banco Credibom was the first institution specialized in consumer credit to allow a moratorium on national customers, providing a team of dedicated professionals to assess the best individual benefits for customers throughout the national emergency period. The bank admits an extension of the moratorium term, which is currently set at the end of September.

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Banco Credibom's commitment is to support the economy, entrepreneurship and innovation in Portugal, as well as to play an active role in carrying out actions in the social and environmental sphere, supporting recovery the country's progress and necessary changes. It is with great pride that I lead one of the most relevant credit institutions in the Portuguese market. Our goal is not only to cement Banco Credibom's position as the benchmark in consumer credit, but to be side by side with our customers and society, giving access to the best possible solutions.”

Gilbert Ranoux CEO of Banco Credibom

Eurofactor Portugal will also call itself the role of an entity supporting the necessary resurgence of the Portuguese economy, through its solutions that ensure the fundamental axes of preservation and reinforcement of companies' treasury, through the anticipation of sales value, integral management and specialized in the credit collection process, and in the credit risk coverage by the debtor entities, reducing the risk of impairment.

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Faced with an unprecedented situation, companies are multiplying initiatives to face economic difficulties, trying to limit the damage. To preserve your cash flow, factoring acts as a quick and efficient solution. Eurofactor is one of the main players in the European and Portuguese market in particular, with a great deal of export experience and its team of specialists does its utmost to provide all the necessary support to the entities that relate to us, as we have always done, raising the our mission: To act every day in the best interest of our Clients and Society

José Pacheco Managing Director of Eurofactor Portugal, a subsidiary in Portugal of Crédit Agricole Leasing & Factoring

 

About Banco Credibom

Owned by one of the largest European banking groups, the Credit Agricole Group, Credibom is a bank specializing in consumer credit and a benchmark in car financing in Portugal, which provides Customers and Partners with flexible, transparent and appropriate credit solutions to your needs.

In Portugal for over 20 years, Credibom provides personalized and transparent advice, finding the best solution for each case. It is present in more than 800 partners in the automotive and home retail sector, from North to South, with a dedicated team that supports partners in a close relationship of trust. Credibom provides the best credit experience, in a simple and fast way, as is the case with the signing of a fully digital contract, mobile apps or the optimization of online credit, simplifying customers' lives. The bank offers personal credit, automobile, construction and repair services, furniture, decoration, appliances and vacations. In addition, it provides life insurance, car, temporary disability, involuntary unemployment, property protection and purchase guarantee.

 

About GNB Seguros

75% owned by Crédit Agricole Assurances, GNB Seguros has been operating in the Portuguese market since 1996, with the main mission of serving the private segment and since 2018, expanding its activity to the segment of micro and small companies, in the insurance industry no life. The sale of products is carried out by the Novo Banco and Novo Banco dos Açores branches, to offer an efficient and complete service to customers. At the end of 2013, GNB Seguros expanded its distribution channels, through a partnership with Banco Credibom, where it started offering auto insurance and started to expand its offer with personal accident and warranty insurance for used vehicles. GNB Seguros seeks to make a decisive contribution to people's confidence and security, seeking to be distinguished by the simplicity and ease of the choices presented, the clarity of the language used and the innovation and quality of service.

 

About Crédit Agricole CIB:

Crédit Agricole CIB is the banking unit for companies, institutional clients and governments, and investment banking for the Crédit Agricole group. This unit offers its customers a wide range of products and services in capital markets, investment banking, structured finance and corporate banking. The bank supports its customers in major international markets through its network with a global presence that includes the main European countries, the Americas, Asia Pacific, the Middle East and Africa. Crédit Agricole CIB places sustainable development at the center of its activity. It does so by assessing the environmental and social impacts that result from the financing operations in which it is involved and working continuously to develop and offer its customers solutions adapted to the new challenges of society. The bank was thus a pioneer in climate finance and is currently the leader in this market segment with a full range of product offerings for all its customers.

 

About Eurofactor Portugal:

Integrated in Crédit Agricole Leasing & Factoring and with a presence in Portugal for over 28 years, it is a factoring company with innovative solutions for companies that sell on credit, both in the national market and in export markets. Its high know-how in the sector allows it to retain the capacity to present the so-called “tailored suit”, adapted to the needs of each company. The fact of belonging to an international group, with a global geographic presence and with a collection company integrated in the group itself, allows it to have great competitive advantages, being the undisputed leader in Portugal in the export factoring segment, with a share of 35% market share.Eurofactor is the only factoring company in Portugal prepared to make international contracts, involving several countries and whose negotiation and management is centralized in a single interlocutor, regardless of the country in which it is located.