For Intesa Sanpaolo, being an Impact Bank means making investments that are not only financially profitable but also socially responsible and that have a positive impact on societymore broadly.
Intesa Sanpaolo set the goal of becoming the world’s leading impact bank in its 2018 - 2021 Business Plan. The Group will accomplish this, in part, by extending credit to new categories of beneficiaries with a view to future growth. This is why the 250 million Fund for Impact was created, which will enable loans to be granted for a total of 1.25 billion to those individuals, families and businesses excluded from the economy.
Italy ranks second to last in Europe in terms of university graduates: 27% of citizens aged 25 to 34 years versus an EU average of 38% and an OECD average of 44%. Nonetheless, Intesa Sanpaolo expressed its optimism for the future by initiating the activities of the Fund for Impact with a focus on the development of higher education for young people, the most valuable form of human capital. The per Merito (“for Merit”) loan is aimed at all students residing in Italy who attend Italian and foreign universities, or post-graduate studies such as AFAM (Alta Formazione Artistica, Musicale e Coreutica), master’s diplomas, Higher Technical Institutes, and other institutions providing high-school diplomas.
The loan does not require any personal or family guarantees and offers a line of credit of up to 5,000 per year for students living away from their hometown – 3,000 for those who study in their hometown – and up to 5 years’ coverage for tuition, travel, housing and study abroad.