Portuguese Government finalizes re-nationalization of COSEC

(O Público, Lisbon, 21 July 2009) As reported in the May 2009 What's New, the Portuguese government has confirmed its purchase of COSEC (Companhia de Seguros de Crédito) for 55 milion euros. COSEC was owned by the Banco Português de Investimento (BPI 50%) and by German insurer Euler Hermes (50%). The purchase of COSEC, was formalized at the height of criticisms from the export sector because of a lack of guarantees to back sales abroad.