PR - Euler Hermes Begins Operations in Colombia

Euler Hermes, the worldwide leader in trade credit insurance, has announced the official launch of its newest Latin American subsidiary – Euler Hermes Colombia. Located in Bogota, Euler Hermes Colombia will provide a host of accounts receivable management services to Colombian clients and give access to the Group's international network. In parallel, Euler Hermes clients worldwide will benefit from the new local risk underwriting presence in the region.

"Latin America is a very dynamic region and we are happy to be able to strengthen our network of offices,” said Euler Hermes ACI CEO Paul Overeem, who oversees all Euler Hermes operations in the Americas. "The opening of Euler Hermes Colombia is a further step in our strategy to help our clients in their business development toward regions with a very high economic growth potential, and more specifically in Latin America.”

Colombia is a country with strong economic fundamentals. The country's $130-billion economy grew at 6.8% in 2006, the highest rate in 28 years and two points faster than the Latin American average. For 2007, Colombia's GDP ranked fifth among the Latin American countries.

"It has always been imperative for our Group to best serve our clients by having representation in close proximity to the sources of risk – their buyers,” said Overeem. "With our new office in Colombia, the Euler Hermes Group is now present in four countries representing more than 75% of Latin American GDP, giving us a strong presence and knowledge of this area for our clients to benefit from.”

Euler Hermes Colombia is the Group's fourth subsidiary in Latin America behind the establishment of business units in Mexico and Brazil in 1999 and Argentina in 2007.

Euler Hermes provides credit insurance, bonding, guarantees and collections. With 6,000 employees in 51 countries, Euler Hermes offers a complete range of services for the management of B-to-B trade receivables.