COVID: Intesa Sanpaolo to donate €100 million and provide €5 billion in lending
Intesa Sanpaolo has pledged a €100 million donation to address the COVID-19 health emergency in Italy.
Up to €5 billion in favorable financing will also be made available to families and businesses that face liquidity problems as a result of the virus crisis.
CEO Carlo Messina announced the support in an interview published today in the Italian daily Corriere della Sera newspaper:
"We are ready to donate up to €100 million... a lot can be accomplished,” said Carlo Messina.
“We aim to strengthen intensive care facilities, bringing the number of beds available from 5,000 to 7,500... Additional resources can be used to create field hospitals and to purchase medical equipment. We want to make a contribution that substantially addresses the emergency and structurally strengthens Italy’s health system,” he added.
Intesa Sanpaolo will also launch a fundraising campaign enabling the Bank’s customers to donate directly to address the health emergency.
Messina also believes the COVID-19 crisis is creating a liquidity crunch for many Italian companies and households.
“Companies must be able to pay employees and suppliers, they need liquidity. Extraordinary measures are required,” said Messina.
“Starting next week, we will introduce 18-month loans for a total of up to €5 billion, with six months of pre-amortization, to support businesses. At least €1 billion will go to tourism, the sector that has suffered the greatest impact. If the [Italian] government were to provide a public guarantee on new loans, the figure could rise to €10 billion,” he added.
These initiatives are in addition to the previously announced measures that included the suspension of mortgage and loan installments for families and companies affected by the COVID-19 emergency, including businesses that trade with China.
Messina also expressed optimism for Italy’s ability to overcome adversity.
“We are a strong country, we have exceptional companies, the world appreciates our products and Italians have savings of €10.5 trillion, one of the highest figures in the world. It is right to be concerned [about COVID-19] but with the certainty that we will overcome the emergency and return to growth.”
Last updated 7 March 2020 at 20:10:59