INTESA SANPAOLO, SACE AND BANCO DO BRASIL: AGREEMENT FOR A € 75,000,000 CREDIT LINE
The 3-year credit line will be covered 70% by a SACE guarantee
Milan - Rome, 12 November 2008 - Intesa Sanpaolo and SACE, the company that insures Italian businesses throughout the world, have entered into an agreement with Banco do Brasil for the provision of a credit line to the Brazilian bank. Intesa Sanpaolo will grant the bank a 3-year loan for a total of € 75,000,000, 70% of which shall be covered by a SACE guarantee.
Thanks to this agreement with Brazil’s leading bank, Intesa Sanpaolo and SACE have strengthened their presence in the South American market, which currently offers considerable business opportunities to Italian companies. From SACE’s point of view, the operation comes within those activities that see it providing support to the internationalization of the Italian banking system, and more generally speaking, to the international market penetration of Italian brand names.
The Banco do Brasil, Brazil’s leading bank, handles around 30% of trade between Italy and Brazil, and is very much present in the business world through the support programmes, products and services it offers to all business sectors. This year Banco do Brasil celebrates its 200th anniversary, and the bank currently boasts some 46 million customers and 15,000 branches in 3,300 Brazilian municipalities and 23 foreign countries. Banco do Brasil has been present in Italy for 34 years now.
The Intesa Sanpaolo Group is Italy’s major banking group, with more than 6,500 branches and around 11.4 million customers, and is also one of the leading groups in Europe. The Group is Italian leader in offering financial services to families and businesses, in particular in the areas of pension funds (with a share of 30%), foreign trade (around 27% of payments), managed savings (25%), factoring (24%) and bank intermediation (18% of deposits and loans).
SACE Group is Italian leader in the field of credit insurance, investment protection and contractual guarantees through hedging against risks of a political and business nature. The Group provides its customers with assistance in over 150 different countries. Through its full range of insurance and financial products, SACE guarantees more stable cash flows, transforming partners’ insolvency risks into business opportunities. Moody’s has given SACE an AA2 rating.
Per further information contact:
Corporate & Investment Banking
Last updated 12 November 2008 at 15:55