Did you know that Coface Deutschland has been a key player in Mainz for a century? Coface Deutschland stands as a testament to resilience and adaptation in the world of credit insurance. Let’s delve into the story of this company.
Coface Deutschland’s roots trace back to 1923. It was founded as Rheinische Garantiebank Kautionsversicherungs AG. Isaac Fulda, a local banker, initiated its creation. Mainz merchants and a Frankfurt bank joined him. The goal was to provide financial bonding throughout the German empire.
The early years were tough for Coface Deutschland. The world economic crisis hit in the 1930s. World War II followed creating massive restrictions on national trade. The company’s headquarters were destroyed by bombings. The Fulda family, including Isaac Fulda, faced deportation in 1943 due to their Jewish heritage.
After the war, Coface experienced a resurgence. The German economy recovered, and Coface expanded. In the early 1960s, it became Allgemeine Kreditversicherung AG. It broadened its services to include foreign trade credit insurance. This supported companies doing business abroad.
The 1990s brought further transformation. Demand for credit insurance grew in reunified Germany. In 1995, Coface Deutschland moved to a new office building on the Kisselberg in Mainz. The city renamed the street Isaac-Fulda-Allee. This honored the company’s founder.
In 1996, Coface S.A. Paris acquired a majority stake. By 2002, it owned all of Coface Deutschland. The company became Allgemeine Kreditversicherung Coface AG. Ten years later, in 2012, it became Coface Deutschland, Niederlassung der Coface S.A.
Coface offers various services today. These include trade credit insurance, factoring, debt collection, and information services. Coface supports around 50.000 customers in 100 countries.
Katarzyna Kompowska is the CEO for Germany and Northern Europe. She noted Coface’s development from its 1920s foundation to its global leading position.
Coface Deutschland played a role in Mainz’s sports scene too. Until 2016, it was the namesake of the 1. FSV Mainz 05 football stadium, the Coface Arena.
In 2011, Coface Deutschland’s companies recorded a turnover of 469.9 million euros. Coface Kredit achieved a turnover of 318 million euros. The coverage volume reached 137.3 billion euros.
Today, Coface Deutschland employs 550 people in Mainz. It is a vital part of the Coface Group. The group has the largest financial credit insurance exposure in Germany. This shows its commitment to supporting the German economy.
So, as you stand here, remember the long and impactful journey of Coface Deutschland. From its challenging beginnings to its current status as a global leader. Coface Deutschland exemplifies the spirit of Mainz. A spirit of resilience, innovation, and enduring success.