Coface: sells its stake in Cofacrédit
(CercleFinance.com) - The Coface group today announced that it has sold its 36% stake in Cofacrédit's capital, a factoring company to Factofrance (Group Crédit Mutuel - CM11), which to date was owned by both groups.
"This minority stake was not core to Coface's development strategy in the factoring sector. The disposal is also in line with the objective of the second pillar of the company's Fit to Win plan, which aims to improve Coface's capital efficiency," Coface said in a statement.
According to Coface, this transaction will have a "slightly negative" impact on its net income for the second quarter of 2018 and will improve its solvency ratio by about 3 points.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
"This minority stake was not core to Coface's development strategy in the factoring sector. The disposal is also in line with the objective of the second pillar of the company's Fit to Win plan, which aims to improve Coface's capital efficiency," Coface said in a statement.
According to Coface, this transaction will have a "slightly negative" impact on its net income for the second quarter of 2018 and will improve its solvency ratio by about 3 points.
Copyright (c) 2018 CercleFinance.com. All rights reserved.