Transfer of the state guarantees from Coface to Bpifrance

In July 2015, the French government decided to transfer Coface State guarantees’ activities to Bpifrance; the decision was approved in December 2015 by the French parliament. This is the culmination of a process of reflection and analysis that began with the creation of the public bank Bpifrance, to streamline the State financial support for French exports around this new stakeholder, which placed internationalisation at the heart of its strategic objectives. It’s the end of a chapter, but, most important, it is a story that will continue.

One-stop-shop approach

The management of State guarantees will be ceded to Bpifrance Assurance Export, a new subsidiary of the Bpifrance group created specifically for that purpose. All the teams currently in charge of managing the State guarantees at Coface will be transferred to Bpifrance Assurance Export.

The combined expertise of Coface and the Bpifrance group will provide a full range services for export activities through a onestop- shop approach to simplify the offer for our customers and promote more public support tools with Bpifrance’s local network and a continuum of financing solutions, from companies’ early development phase to maturity, even for small amounts.

This transfer aims to further boost the SME embrace of globalisation, and also to better meet the larger companies’ requirements.

Direct guarantee in the name of the French State

Currently the guarantees are granted by Coface on behalf of the French State.

French law applies for the transfer of all State guarantees’ subscribed policies and will simplify the current guarantee framework with a direct guarantee. Bpifrance Assurance Export therefore will manage the entire portfolio, not only on behalf of the French State but also in its name. This direct guarantee from the French State was a longstanding request from policyholders, especially for larger transactions in which each basis point saved on the pricing of the financing determines the competitiveness of the French offer.

The transfer of the activities, portfolio and teams is scheduled to take place no later than the 31st December, 2016. Until then, a broad cooperation between Coface and Bpifrance ensures a seamless continuity of service to all insured parties and export companies and the continuance of good relationship with Coface partners worldwide.

Insurers ‘rights and obligations will not be changed. The continuity of contracts will be maintained in favour of all policyholders and other beneficiaries.

All players involved are aware that this transfer is a crucial issue to succeed in developing French exports for all kinds of players from small to large companies.

Maëlia Dufour

Sous-Directeur, Direction des Garanties Publiques - Coface