Intesa Sanpaolo: circular economy financing provided to Schwarz Group Subsidiary GreenCycle in Germany
The transaction marks Intesa Sanpaolo’s continued Circular Economy lending outside Italy drawing on the Group’s dedicated €5 billion financing facility
62 projects have been financed over the past two years for a total value of about €760 million
Milan, 9 January 2020 – Intesa Sanpaolo concluded a further international transaction drawing on the Group’s €5 billion financing facility dedicated to the Circular Economy. The Bank will provide GreenCycle, the waste and recycling management unit of the German retailer Schwarz Group, with a loan linked to reaching targets related to the Schwarz Group’s strategy to better recycle plastics.
The transaction was led by the Frankfurt branch of Intesa Sanpaolo’s Corporate & Investment Banking (CIB) Division, with support from the Circular Economy Team of the Intesa Sanpaolo Innovation Center, thanks to the dedicated credit facility launched for the 2018-2021 period, with the commitment to support innovative and transformative projects for SMEs and large corporates based on the principles of the Circular Economy. The Circular Economy credit facility has financed 62 projects over the past tow years for a total value of about €760 million.
Projects eligible for Circular Economy financing by Intesa Sanpaolo must meet criteria that include product life extension, renewable resources, resource optimization, recyclable products, and technologies that enable the circular model. Intesa Sanpaolo is thus able to provide credit at borrowing conditions that improve during the life of the financing as the client meets verifiable Circular Economy objectives.
Intesa Sanpaolo is recognized as one of the most sustainable banks in the world, featuring in all the main sustainability indices. The Group’s commitment to the Circular Economy, a new economic model aimed at decoupling development from reliance on finite natural resources and redesigning the industrial system, is embedded in its four-year business plan and stems from a strong emphasis on sustainability and innovation. Since 2015, Intesa Sanpaolo is the sole Financial Services Global Partner of the Ellen MacArthur Foundation, the leading organization promoting the circular model.
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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.
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