INTESA SANPAOLO AND VNESHECONOMBANK (VEB) SIGNED A FRAMEWORK AGREEMENT FOR SME DEVELOPMENT
• 100 million euro with VEB guarantee made available by Intesa Sanpaolo as support to businesses
• Expansion of trade between Italy and Russia encouraged
Milan/Rome, 3 December 2009 – At the Italian-Russian summit held today in Rome, Intesa Sanpaolo signed a framework agreement with the Russian bank Vnesheconombank (VEB) on support and development of trade between Russia and Italy through joint projects to the benefit of SMEs.
The agreement was signed at Villa Madama by Gaetano Micciché, Intesa Sanpaolo Corporate and Investment Banking Division Manager and Banca IMI CEO, and Vladimir Dmitriev, the VEB Chairman. Its main aims are to promote new tools available to SMEs in support to their growth and market expansion, and to further expand trade between the two countries, encouraging Italian SME exports to Russia.
As a result of this agreement, Intesa Sanpaolo will make credit facilities for a total of 100 million euro available through the Global Services Department which, with guarantees provided by VEB, will be destined to Russian regional banks. The regional banks will therefore increase resources for the development and growth of local businesses. Specifically, the financing will be dedicated to Russian SMEs trading with Italian companies and Italian companies intending to access or strengthen their presence on the Russian market.
"The agreement signed today," announced Gaetano Micciché, "once again confirms Intesa Sanpaolo’s commitment to provide the best possible long-term support to small, medium and large companies, just as much on the international market as in Italy. The funds to be made available by Intesa Sanpaolo as a result of the agreement signed with VEB will therefore target trade development with Italy, allowing the Russian banking system to sustain Italian exports through new dedicated and immediately operative tools for application at regional level."
About the Intesa Sanpaolo Group
The Intesa Sanpaolo Group – the largest banking group in Italy with around 11.1 million customers and 6,090 branches, and among the leaders in the Eurozone – operates on the Russian market through 2 banks, Zao Banca Intesa and KMB Bank, and its Representative Office in Moscow.
The Group is also selectively operational in Central and Eastern Europe and in the Mediterranean area through approximately 1,900 branches and 8.5 million retail and commercial banking customers of its subsidiary banks in 13 countries.
The Group operates in 34 countries providing cross-border support to the Bank’s customers through a specialised network of branches, representative offices and subsidiaries, thus offering corporate banking activities within the Corporate and Investment Banking Division. The Division aims to offer its services as global partner on the basis of a powerful understanding of corporate strategies and a complete range of products and services, including M&A, structured finance and capital market activities (performed through Banca IMI), along with merchant banking, factoring and leasing services for businesses (through Mediofactoring and Leasint).
Media relations - Corporate and Investment Banking
Last updated 4 December 2009 at 15:16