Coface Begins Factoring Operations in Canada; Gordon Singer Named Vice President

    TORONTO, Sept. 24 /CNW/ -- Global credit management services provider,
Coface, announced that it has begun trade receivables factoring operations in
Canada through a new entity, Coface Credit Management Canada Company. Gordon
Singer has been hired to lead the Canadian factoring efforts. Mr. Singer
brings to Coface a wealth of experience in the factoring industry, most
recently with GMAC-Canada in Montreal.
    Trade receivables financing, also known as invoice factoring, enables a
business to convert accounts receivable into immediate funds instead of
waiting for payment when the receivable is due. This practice is especially
beneficial to growing companies that need cash flow to finance expansion, take
advantage of supplier discounts and build their own credit ratings.
    "We are pleased to welcome Gordon Singer to Coface Canada," said
Christopher Short, Coface Canada Country Manager. "His expertise and
experience will ensure the success of our factoring operations. In addition,
launching factoring operations in Canada accomplishes our goal of launching
all four Coface business lines here. These business lines are credit
insurance, commercial collections, business information, and now, factoring."
    Gordon Singer served at GMAC-Canada for eight years, most recently as
Senior Vice President and Manager of the Canadian operation. Prior to that, he
held credit-related roles at Bank of New York Financial Corp.-Canada, Canadian
Financial Corp., and Dominion Textile Limited. Mr. Singer holds a degree from
McGill University. He will be based in Montreal and will oversee accounts
receivable specialists in Montreal and Toronto.
    About Coface
    Coface, rated AA+ by Fitch Ratings, AA by S&P and Aa3 by Moody's, is a
subsidiary of Natixis whose share capital (Tier 1) was 11.6 billion euros as
of June 2007. Coface's mission is to facilitate global business-to-business
trade by offering its 105,000 customers four product lines to fully or partly
outsource trade relationship management and to finance and protect their
receivables: credit insurance, company information and ratings, receivables
management and factoring. Coface also offers, in France, management of
government export guarantees. Due to the worldwide local service delivered by
6,000 staff in 64 countries, over 45% of the world's 500 largest corporate
groups are customers of Coface. For more information, visit:

For further information:

For further information: Sue Hinton of Coface North America, 
+1-212-389-6484, Web Site:   

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