INTESA SANPAOLO AND THE EIB GROUP: 2.8 BILLION EURO IN LOANS AND RESOURCES
- In 2020, agreements for than 2.8 billion euro in funding were signed to support SMEs and mid-caps in research, innovation and overcoming the health emergency.
- The funds are intended to support the economies of the countries in which Intesa Sanpaolo operates, particularly the Italian economy.
- Two projects were funded related to tourism and courses for university students.
Milan, 10 December 2020 – In 2020, Intesa Sanpaolo and the European Investment Bank Group (EIB and EIF - European Investment Fund) extended their cooperation to jointly provide new financial resources to support the countries where Intesa Sanpaolo operates.
In a particularly difficult year for the world's economies due to the Covid health emergency, several initiatives have been launched through a number of specific agreements. Under these agreements, the EIB Group has made and will make financial resources available to Intesa Sanpaolo that, combined with resources added by Intesa Sanpaolo, will make it possible to grant new loans to final recipients of over 2.8 billion euro destined primarily for the Italian economy.
Intesa Sanpaolo will allocate the funds mainly to its more than 200 thousand corporate customers for:
- financing small and medium-sized Italian companies and mid-caps, i.e. companies with up to 3 thousand employees at a consolidated level, for:
- new investments, particularly in research projects and innovation;
- ongoing working capital needs;
- liquidity to overcome the Covid-19 emergency.
- support for two projects through European Structural Funds:
- an agreement with the Sardinia Region to counter the Covid-19 emergency that focuses primarily on the tourism sector (another is being finalised with the Sicilian regional administration);
- an agreement to provide student loans to university students.
Among the agreements signed in 2020 between the EIB Group and Intesa Sanpaolo is the synthetic securitisation of an existing loan portfolio amounting to approximately 2 billion euro under the GARC programme (Gestione Attiva Rischio di Credito - Active Credit Risk Management). Through this agreement, after optimising the credit risk on an existing portfolio, it will be possible to make 450 million euro in new loans available for SMEs and mid-caps that were affected by the emergency caused by the Covid-19 epidemic.
Italian businesses will be able to access new credit at favourable conditions, also in combination with the Covid measures provided for by the so-called Liquidity and Relaunch Decrees, and therefore benefiting from the guarantees from the Central Guarantee Fund and Sace.
Also being finalised is an innovative social housing project through urban redevelopment projects that also involve improving the energy efficiency of the areas involved.
Intesa Sanpaolo is the leading Bank in Italy and one of the soundest and most profitable banks in Europe. It offers commercial, corporate investment banking, asset management and insurance services. The Intesa Sanpaolo Group has approximately 14.6 million customers who are assisted through both digital and traditional channels. The Group’s international subsidiary banks serve 7.2 million customers across Eastern Europe, the Middle East and North Africa. Intesa Sanpaolo is considered one of the most sustainable banks in the world. For the Group, creating value means being a driver for growth, for the benefit of both society and the economy. As regards the environment, the Group has set up a 6-billion-euro fund for the circular economy. Intesa Sanpaolo supports major economic inclusion and poverty reduction projects, including an impact fund of 1.2 billion euro for loans available to social groups who struggle to access credit. Intesa Sanpaolo has a high level of involvement in cultural initiatives, organised by the Bank or in collaboration with other entities in Italy and further afield. These include permanent and temporary exhibitions showcasing the Bank’s impressive artistic heritage at the Gallerie d’Italia, the Group’s museums located in Milan, Naples, Vicenza and soon Turin.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy objectives.
Corporate & Investment Banking and Governance Areas
Last updated 10 December 2020 at 15:30