INTESA SANPAOLO PROVIDES €15 BILLION
IN IMMEDIATE SUPPORT TO ITALIAN COMPANIES
- ADDITIONAL €5 BILLION FOR NEW CREDIT LINES
- €10 BILLION IN LIQUIDITY TO HELP MANAGE URGENT PAYMENTS
- CEO CARLO MESSINA: "WE ARE PROVIDING THE EQUIVALENT OF ONE PERCENT OF GDP TO ITALIAN INDUSTRY. INTESA SANPAOLO’S SOLIDITY AND SIZE MAKE SUCH EXTRAORDINARY MEASURES POSSIBLE"
Turin, Milan, 17 March 2020 - Supporting Italian companies as they face the global Coronavirus emergency, guaranteeing their continuity and productivity, to provide the foundations for their relaunch: this is Intesa Sanpaolo’s objective in providing €15 billion to small and medium enterprises (SMEs) through new extraordinary measures.
The goal is to support companies from all industries, providing the liquidity needed to overcome the economic phase of the crisis. The measures are aimed at enabling companies to cope with payments, despite the progressive reduction or even absence of turnover, thus protecting jobs.
Intesa Sanpaolo is providing two measures - that can be used singly or in combination - for a total of €15 billion, that provide:
- €5 billion for new credit lines beyond existing ones, lasting 18 months (minus one day), with 6 months of pre-amortization and favorable conditions, including the initial fees. These lines of credit can be granted to existing customers and new customers, who currently do not benefit from available credit lines;
- the provision of €10 billion of liquidity to Intesa Sanpaolo customers, through pre-approved credit lines that can now be made available for broader and more flexible purposes, such as the management of urgent payments.
These new initiatives by Intesa Sanpaolo are in addition to the moratorium announced on February 24, with the suspension of installments on existing loans for 3 months (for the principal portion only or for the entire installment) which can be extended for an additional 3 to 6 months depending on the duration of the Coronavirus emergency.
Currently, financing operations can be requested remotely, through the exchange of information and documents directly between the customer and the Intesa Sanpaolo relationship manager. This process applies only to known customers who have provided privacy consent.
"We have a duty in this phase of extreme urgency to commit every resource, to give maximum support to Italian companies and allow them, once they’ve overcome the current difficulties, to relaunch as soon as possible", commented Carlo Messina, CEO of Intesa Sanpaolo. "We are deploying significant resources, equal to almost one percent of GDP. We can do this because Intesa Sanpaolo has the size, solidity and widespread presence that enable extraordinary interventions throughout the country, giving support to all businesses. The regional management, thanks to the professionalism of our people and the broad authority they have in providing credit, will ensure the optimal effectiveness of these measures."
Carlo Messina concluded: "Our goal is to safeguard the value of Made in Italy, the excellence of our value chains, and the strength of our exports. We are certain that the skills and resilience of Italian entrepreneurs will enable our industries to quickly regain ground and relaunch from a position of strength following this crisis".
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About Intesa Sanpaolo
Intesa Sanpaolo is one of the most solid and profitable banks in Europe, providing wealth management, consumer banking, corporate and investment banking, asset management and insurance. As the market leader in Italy, Intesa Sanpaolo serves nearly 12 million customers through digital and traditional channels. The Group’s international subsidiary banks provide for an additional 7.2 million customers in Central Eastern Europe, the Middle East and North Africa.
Intesa Sanpaolo is recognized as one of the most sustainable banks in the world. The Group believes that value creation should be interpreted broadly, supporting social purpose and driving the real economy. As part of its commitment to sustainable growth, Intesa Sanpaolo has created a €5 billion financing facility dedicated to the circular economy. The Group’s large-scale project for economic inclusion and poverty alleviation includes a Fund for Impact to provide €1.2 billion in loans to those parts of society that find access to credit difficult.
Intesa Sanpaolo is deeply committed to cultural initiatives that it promotes on its own and together with partners in Italy and abroad, including permanent and temporary exhibits of the vast artistic patrimony of the Gallerie d’Italia, the Group’s three museums located in Milan, Naples and Vicenza and Turin soon.
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Last updated 17 March 2020 at 17:39