History of Credendo Group
1921
The Belgian Ministry of Economic Affairs sets up the Delcredere Commission to guarantee Belgian export transactions.
1939
The Delcredere Committee is transformed into an autonomous public financial body with a state guarantee. It is renamed Nationale Delcrederedienst | Office national du ducroire, known today as Credendo – Export Credit Agency.
1949
Credendo – Export Credit Agency is authorised to cover imports and services.
1956
Insurance cover is extended to commercial risk.
1962
Credendo – Export Credit Agency is authorised to contribute to financing the operations it insures.
1964
It becomes possible to insure certain deals directly for the Belgian state.
1970
Coverage is extended to include political risks related to Belgian direct investments abroad.
1991
The business scope is expanded to cover international economic relations in a broader sense.
1996
Market Window activity is launched, allowing Credendo – Export Credit Agency to cover risks that represent only a minor Belgian interest. The pricing is in line with market conditions.
2004
Credendo – Export Credit Agency sets up a private limited liability company, Credendo – Short-Term Non-EU Risks (formerly known as Credimundi), to guarantee the continuity of its services to European businesses. This company insures the political and commercial risks of current trade transactions.
Credendo – Export Credit Agency acquires a 26% stake in Credendo – Excess & Surety (formerly known as Trade Credit), a Belgian private credit insurance company that specialises in excess of loss and top up cover.
2005
Forfaiting products are launched. Credendo – Export Credit Agency buys exporters’ accounts receivable due by their foreign buyers and provides funding.
2006
Credendo – Export Credit Agency acquires a 50% stake in Austrian single-risk insurer Credendo - Single Risk (formerly known as Garant) along with leading Russian insurer Ingosstrakh.
Credendo – Export Credit Agency launches its financial guarantee products for bank loans.
Credendo – Short-Term Non-EU Risks opens a branch in the United Kingdom.
2007
Credendo – Export Credit Agency obtains its first-ever rating from Standard & Poor’s.
Credendo – Short-Term Non-EU Risks acquires a 33% stake in Credendo – Short-Term EU Risks (formerly known as KUPEG), the market leader in the short-term credit insurance in Czech Republic.
2008
Credendo – Short-Term Non-EU Risks opens a branch in France.
2009
Credendo – Export Credit Agency sets up Russian joint venture Credendo – Ingosstrakh Credit Insurance (formerly known as INGO-ONDD) with Ingosstrakh. Credendo – Ingosstrakh Credit Insurance specialises in covering credit risks related to domestic and international transactions on the Russian and CIS market.
Credendo – Short-Term Non-EU Risks increases its stake in Credendo – Short-Term EU Risks from 33% to 67%.
Credendo – Short-Term Non-EU Risks opens a branch in Germany.
2010
Credendo – Export Credit Agency increases its stake in Credendo – Ingosstrakh Credit Insurance to 67%.
Credendo – Export Credit Agency increases its stake in Credendo – Single Risk from 50 to 83%.
2011
Credendo – Single Risk obtains its first-ever rating from A.M. Best.
2012
Credendo – Export Credit Agency increases its stake in Credendo – Excess & Surety from 26% to 55%. Credendo – Export Credit Agency increases its stake in Credendo – Excess & Surety from 26% to 55%.
Credendo – Single Risk obtains its first-ever rating from Fitch.
2013
Credendo – Export Credit Agency increases its stake in Credendo – Single Risk from 83 to 96%.
Credendo – Short-Term Non-EU Risks opens a branch in Italy.
Consolidation continues as Credendo Group, more powerfully articulating the shared values, approach and strength of its companies.
2015
Credendo – Export Credit Agency becomes sole shareholder in Credendo – Excess & Surety.
Credendo – Short-Term EU Risks opens a branch in Poland.
2016
Credendo – Export Credit Agency becomes sole shareholder in Credendo – Short-Term EU Risks.
2017
Launch of the Credendo Buyer Credit by Credendo – Export Credit Agency, mainly intended to grant export finance to SMEs.
New step in the group consolidation: each entity integrates Credendo in its name.
2018
Launch of Credendo Booster, the first digital portal at Credendo to offer surety.
2020
Credendo – Excess & Surety opens a branch in Ireland.
2021
Credendo celebrates 100 years of helping entrepreneurs realising their export dreams.