Amsterdam/Singapore, Wednesday, 24 January, 2007 - Atradius Credit Insurance today announced that it has received its operating license in Singapore. Its new Singapore branch office is located in Equity Plaza on Cecil Street in the central business district. The Singapore office will be another significant base of commercial operations and risk underwriting for Atradius in Asia, where Atradius currently has offices in Hong Kong, Tokyo, and Shanghai.

 

Alun Sweeney, Regional Director for Asia pointed out that “Singapore is an important market not just for Atradius, but for a large number of multinational and global companies as well. Singapore is strategically located in Southeast Asia and has a well developed infrastructure and transportation hubs making it a key location for success in the region. It will further enable us to leverage our capabilities and coverage of the region through improved risk and customer services.

 

Atradius will be providing both sales and risk underwriting from its Singapore branch office and expect to rapidly grow its business in this market. The office will be led by Terry O’Reilly who has more than 25 years of experience with Atradius. He has extensive experience of risk management in Asia. The branch Commercial Manager is Ms Rosamund Loh. Ms Loh was recruited to Atradius in 2006 and previously was Head of the Business Development Department at the Singapore credit insurer ECICS Ltd."

 

Alun Sweeney commented: “Singapore represents a very important market for Atradius. We have identified over 100 of our existing multinational customers conducting business in Singapore. We will work together with them to help develop and expand their businesses by enabling more secure business transactions and increasing access to growth capital. There is also considerable scope to develop a new customer base.”

 

Atradius plans to continue to expand in Asia. As part of its development strategy, Atradius is currently considering other opportunities for growth in Taiwan, Thailand, Malaysia and Korea.

 

Peter Ingenlath, Acting CEO of Atradius, concluded: “Asia continues to be a key region for economic growth. China and India are leading the way, however other markets in the region are also exhibiting strong growth. Trade both within the region and with other less well established markets is increasing all the time, and Atradius intends to be where our customers need us to be to help them maximise their trading potential. Along with our regional hub in Hong Kong, and other Asian offices, our new Singapore branch will provide our customers here with high service levels and further strengthen opportunities to grow their business across Asia.”

 

About Atradius:
Atradius is a leading credit insurer with total revenues of around EUR 1.3 billion and a 24% share of the world credit insurance market. It insures approximately EUR 350 billion of world trade annually against non-payment and provides a comprehensive range of risk transfer, financing and trade receivables management services. With 3,400 staff and more than 90 offices in 40 countries, Atradius has access to credit information on 45 million companies world-wide and makes more than 12,000 credit limit decisions daily. It is “A” rated by Standard & Poor’s (outlook stable) and A2 by Moody’s (outlook stable).

 

The Singapore office will officially open in mid February.

 

For further information:

Atradius Singapore
Ms. Rosamund Loh
Mobile: +65 9753 5440
Phone: +65 6372 5300 (beginning mid February)
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Atradius Global & New Markets
Alan Batchelor
Phone: +44 29 20 824604
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Corporate Communications
Joanne Aaron 
Tel.: +44 (0)29 2082 4873
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www.atradius.co.uk