BPIfrance, the public investment bank of France, is set to take control of the country’s export credit agency Coface following the conditions of transfer being agreed, according to GTReview.

All staff, activities and IT systems of Coface – also known as Compagnie Française d’Assurance pour le Commerce Extérieur – will be transferred to a newly established subsidiary dubbed BPIfrance Assurance Export. Coface was established in 1946.

BPIfrance hopes to improve the credit export agency’s offerings to small and medium-sized enterprises and midcaps.

Nicolas Dufourcq, managing director of Bpifrance, said: “We are delighted to welcome nearly 240 staff with so much experience in their field, and to integrate them swiftly into the heart of our mission towards exporters.

“Beyond this transfer, our partnership with Coface seems promising in terms of broadening our range of innovative solutions to support French companies in their internationalisation.”