The new branch TCRe Spain is confident about its growth July 2007

The newest branch of Trade Credit Re, which opened in Valencia (Spain) in the autumn of 2006, is confident about its growth. Headed by its manager, Michael BRANSON, who previously worked for the FORTIS group, TCRe Spain has announced that it will meet and even exceed its targets for 2007.

The manager of the new branch, Michael Branson, began his career in Spain as deputy export manager for a Spanish company, before joining the foreign department of Banco Sabadell, followed by Fortis Bank as a consultant in international commerce. He came into contact with TCRe thanks to the intervention of Fortis Venturing, a department of the Fortis group specialising in developing innovative projects.

Following on from the growth recorded in TCRe’s first months in Spain, Michael Branson has confirmed that the targets set for 2007 will definitely be met, and indeed exceeded in relation to previous forecasts: “We can see that independent credit management has reached a sufficient degree of maturity in Spain and that, as a result, there is a need to be met there. We aren’t replacing conventional insurance companies, we are simply covering a business sector they cannot grasp. What is surprising, and also very gratifying, is to observe that with TCRe as their partner, policyholders have greater confidence in their own management abilities.”

At present, those Spanish companies which are most receptive to TCRe’s offer in Spain are dissatisfied users of conventional credit insurance. However, in the medium and long term, it is probable that maximum growth will come from companies which have never insured their receivables because they rejected the terms laid down by conventional credit insurers.