France-based credit insurer Euler Hermes said it has opened an office in Bulgaria to service small and large companies in the country.

“Growth markets in Eastern Europe are an increasing focus for our European clients and the Sofia office adds to our ability to provide them with local market business intelligence for safe, sustainable growth,” Ludovic Senecaut, Euler Hermes CEO for Northern Europe, said.

The company is active in Bulgaria since July 2014 and is already servicing 3,500 clients. “We are currently covering EUR 1 billion of transactions in Bulgaria,” Senecaut said. “There are over 700,000 small and medium enterprises (SMEs) in Bulgaria and we've estimated 100,000 of those would need trade credit insurance,” David Nolan, commercial director at the company, said during the press conference.