Credit insurer Atradius further expands their international presence with two new locations in Bulgaria and Romania.
Effective immediately, the company will be consulting its clients and business partners in the capital cities of Sofia and Bucharest. Atradius is the second largest provider of credit insurance in the world, providing companies with protection in the event their customers delay or default on payments.
“Bulgaria and Romania are among the most interesting growth markets in Europe and demonstrate great potential,” explains Andreas Tesch, Chief Market Officer of Atradius. “In view of this, boosting our presence in these countries is the next logical step for our global expansion strategy.”
Romania’s gross domestic product has increased between 4 and 4.8 percent annually in recent years, which, when compared to other European Union member states, represents above-average economic growth for the country, home to 20 million people. At present, the market volume of Romania’s credit insurance industry amounts to around 24 million euros, with an average rate of increase of currently 10 percent each year. The Bulgarian credit insurance industry’s market volume, which currently sits at around six million euros, boasts a noteworthy growth rate of its own – a testament to the good potential an office in this region has.
International growth: The launch of branches in Bulgaria and Romania is part of Atradius’ global growth strategy, which aims to secure the best-possible service and high-level local expertise for the company’s national and international clients.
In 2016, Atradius expanded its reach in Asia with a new office in South Korea. Boosting its presence in South Africa and other countries in the region, Atradius also acquired 25 percent of the shares in the Credit Guarantee Insurance Corporation of Africa Ltd (CGIC), a leading trade credit insurer in Africa.
Atradius further strengthened its position with the full takeover of Graydon, the leading credit information agency in the Netherlands, Belgium and Great Britain, as well as the acquisition of 80 percent of the shares of the Portuguese credit information agency Ignios. Moreover, Atradius Collections has also been operating in India and China since last year.
Source: Atradius Press Release