The partnership between the two Institutions signed during the visit of Chinese Prime Minister Li Keqiang in Italy
INTESA SANPAOLO AND CHINA EXIMBANK SIGN A STRATEGIC COLLABORATION AGREEMENT
· The signing took place in the presence of Premier Matteo Renzi and Premier of the People's Republic of China, Li Keqiang
· The collaboration aimed at supporting projects for Italian, Chinese and multinational customers
Rome, October 15th 2014 – Intesa Sanpaolo and The Export-Import Bank of China (China EximBank) signed yesterday a strategic collaboration agreement to support Italian, Chinese and multinational customers.
The signing took place in the presence of the President of the Council of the Italian Republic Matteo Renzi and Prime Minister of China’s State Council of the People's Republic of China Li Keqiang, during his visit in Italy.
Intesa Sanpaolo and China EximBank will define joint projects in specific areas. In particular, the agreement provides support to trade in products and mechanical systems, electronics and technology, energy and raw materials; cooperation in energy projects and infrastructure projects in China, Italy or in third countries promoted by Chinese companies and / or Italian.
Based on the specificity of the projects identified, Intesa Sanpaolo and China EximBank will adopt appropriate forms of cooperation with several financial instruments, such as co-financing in the medium term, the issue of guarantees and short-term loans for trade.
The collaboration between Intesa Sanpaolo and China Eximbank will enable Italian customers to make export finance operations, project finance and to invest in China and, at the same time, it will enable to work on projects of Chinese companies that invest and export to other Countries.
China EximBank is the official export credit agency (ECA) of China. It is one of the largest ECA institutions in the world. The main mandate of China Eximbank is to facilitate the export and import of Chinese mechanical and electronic products, complete sets of equipment and new- and high-tech products, assist Chinese companies with comparative advantages in their offshore project contracting and outbound investment, and promote international economic cooperation and trade.
“The access to international markets with the greatest rate of growth is an essential step in the development of italian companies. For this reason the agreement signed with EximBank is another important instrument that we make available to our customers in order to strengthen the internationalization path, "said Gaetano Miccichè, Intesa Sanpaolo’s General Manager and Head of Corporate and Investment Banking Division. "The collaboration will also enable us to welcome and support industrial projects that Chinese companies will want to start in our country. Intesa Sanpaolo once again demonstrates the ability to provide its customers with cutting-edge services, with a vision and a presence in international markets backed by a specialized network of branches, representative offices and subsidiaries focused on corporate banking in 29 countries world”.
The Export-Import Bank of China
Founded in 1994, the Export-Import Bank of China is a state bank solely owned by the Chinese government and under the direct leadership of the State Council. Its international credit ratings are the same as China's sovereign ratings. The Bank is headquartered in Beijing. It has more than 20 business branches inside China, one branch and two representative offices outside China, namely the Paris Branch, the Representative Office for Southern and Eastern Africa and St. Petersburg Representative Office. It has established correspondent banking relationship with more than 1,000 banks.
Intesa Sanpaolo is among the top banking groups in the euro zone and is the leader in Italy in all business areas (retail, corporate, and wealth management). The Group offers its services to 11.1 million customers through a network of over 4,500 branches well distributed throughout the country with market shares no lower than 13% in most Italian regions.
Intesa Sanpaolo has a selected presence in Central Eastern Europe and Middle Eastern and North African areas with over 1,400 branches and 8.4 million customers belonging to the Group's subsidiaries operating in retail and commercial banking in 12 countries.
Moreover, an international network of specialists in support of corporate customers spreads across 29 countries, in particular in the Middle East and North Africa and in those areas where Italian companies are most active, such as the United States, Russia, China and India.
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Last updated 15 October 2014 at 12:17