Aid to businesses: 60 million to Intercos from Intesa Sanpaolo and Unicredit
Intesa Sanpaolo and UniCredit, with SACE's Garanzia Italia, have approved a pooled financing transaction, with an equal share of €30 million, lasting 18 months, in favour of Intercos Spa, an Italian company, based in Agrate Brianza (MB), a manufacturer of cosmetic products for over 40 years with 15 production plants in 9 countries, and a consolidated turnover of €713 million. Thanks to this loan, Intercos Spa will strengthen its financial structure by supporting working capital requirements.
The transaction comes under the SACE’S Garanzia Italia programme, to support the liquidity of the Italian companies affected by the Covid-19 emergency,. As envisaged by the liquidity decree, SACE will grant guarantees in favour of banks, financial institutions and other entities authorised to grant loans in Italy, for loans to businesses, until 31 December 2020.
This transaction confirms the full operation of Intesa Sanpaolo on all possible solutions envisaged by the Liquidity Decree and highlights the strong support from the banking system to Intercos Spa.
Intesa Sanpaolo and Banca IMI worked in synergy in the transaction, respectively as 'Sace coordinator' and agent bank. Our Group is proud to act in support of an Italian excellence which contributes to making our country a world leader in the production of cosmetics, with a share of around 65%. The largest international brands in the sector rely on Italian companies, in particular in the Lombard district between Milan, Monza, Bergamo and Cremona, where companies such as Intercos spa know how to combine experience and innovation.
Daniela Orlando, Head of Industry Retail & Luxury, Global Corporate Department of the IMI Corporate & Investment Banking Division of Intesa Sanpaolo.
Last updated 23 July 2020 at 15:24:15