INTESA SANPAOLO: RINASCENTE GRANTED €35 MILLION LOAN UNDER SACE'S ITALY GUARANTEE SCHEME
· New resources for the restart following the forced shut-down of retail stores due to the Coronavirus
· The loan is essential for paying small and medium-sized Italian suppliers and supporting the fashion production chain
Milan, 11 June 2020 – Intesa Sanpaolo and Rinascente announced that they have signed an agreement for a €35 million loan under the Sace Italy Guarantee Scheme envisaged by the Liquidity Decree.
The new resources, for which Sace has quickly issued a 70% guarantee that is counter-guaranteed by the State, will be used to pay suppliers and for working capital, supporting Rinascente during the restart following the lengthy compulsory shut-down of retail stores caused by the spread of the Coronavirus.
The transaction, completed by the Global Corporate Department of Intesa Sanpaolo's Corporate and Investment Banking Division, confirms the Bank's commitment to Italian businesses of all sizes that use the loans granted to relaunch their businesses and investments in Italy.
"As Italy's leading banking group, we are aware of the difficulties that families and businesses have faced so far due to the Coronavirus as well as the challenges that await them. This is why we have launched a series of initiatives totalling 50 billion euro and are working with even greater commitment alongside institutions and guarantee entities to support the recovery”, - declared Richard Zatta, Head of Global Corporate of Intesa Sanpaolo's Corporate and Investment Banking Division. "With this loan to Rinascente, we are proud to support a symbol of Milan and Italy, a showcase for many outstanding Italian products that have, and will continue to shape the history of high-quality retailing in the country".
"We are proud of this transaction that puts us alongside a company like Rinascente, a showcase and symbol of our country and our high-end supply chains around the world," said Simonetta Acri, Sace's Chief Mid Market Officer. “It is a transaction carried out in synergy with a banking partner such as Intesa Sanpaolo, which reaffirms our commitment to supporting the Italian economy, particularly in this challenging situation and with the prospect of the new start that we are all hoping for".
"We would like to thank Sace and Intesa Sanpaolo for their support during this time and the speed in providing answers and explanations. The work done with Intesa Sanpaolo has been very intense and fruitful”, - declared Mariella Elia, Chief Financial Officer of Rinascente. "This first loan was key to being able to pay all our small and medium-sized Italian suppliers and has therefore made it possible to support the fashion production chain which has been hit particularly hard during this period. Supporting production in Italy makes it possible to generate wealth on all fronts, from the economy to culture, research and social well-being".
Corporate & Investment Banking and Governance Areas
Last updated 11 June 2020 at 12:08