Agreement between Cassa depositi e prestiti and Intesa Sanpaolo. The agreement between the two giants, signed on the occasion of the mission to China of the Minister of Economy and Finance, Giovanni Tria, aims to consolidate support for the internationalization of Italian companies in China and of companies based in China controlled by Italian.
CDP and Intesa have therefore decided to start a collaboration aimed at preparing ad hoc financial products and making the skills of their respective specialist structures available.
In detail, the agreement signed today establishes, among other things, "the identification of the most suitable operating formulas to meet the needs of access to credit and/or co-financing instruments in favor of Italian companies in China and the promotion, at the client companies of Intesa Sanpaolo, of the range of products and services offered by the single export and internationalization hub SACE-SIMEST of the CDP group”, this is what the note from Cassa Depositi explains.
The protocol also aims to encourage the use of financial and insurance solutions to support the export and internationalization processes of Italian companies in China, such as the creation of branches and joint ventures or of commercial networks, that the interest of foreign companies operating in China in the offer of goods and services of Italian companies or their local branches.
At a concrete level, the launch of a potential loan transaction by CDP in favor of Intesa Sanpaolo is envisaged as the first step, "aimed at providing revolving funding for an amount of up to 200 million euro, to be used to support the financing needs of the internationalization of Italian companies in China or of companies based in China controlled by Italian companies. This first pilot project could be extended to similar initiatives, capable of involving other banking institutions as well", continues the note.
“The protocol signed today in Beijing with Intesa Sanpaolo is part of CDP's broader strategy to support businesses, infrastructures and people, and strengthens our ability to intervene in a priority country for the Italian system. A country in which the CDP Group intends to play a driving role in the export and internationalization activities of Italian companies, mobilizing important resources through all the instruments made available by the CDP group companies, including short-term loans disbursed through the banking channel with our support. I am convinced that the agreement with Intesa Sanpaolo will provide a concrete contribution to Italian companies engaged in global competition and will serve as a stimulus for future initiatives" - said Fabrizio Palermo, CEO of CDP.
"In recent years, the People's Republic of China has started new and further openings of its market to foreign companies and capital, starting with the Belt and Road Initiative, the commercial corridor better known as the New Silk Road. The country continues to grow significantly, recording an annual GDP of over 6%. In 2017, the share of trade with China on the overall Italian total was 4,9%. To seize the important opportunities for Italian companies, it is necessary to make increasingly refined, impactful and effective financial and insurance instruments available to them. The Memorandum of Understanding signed with Cassa Depositi e Prestiti goes in this direction and lays the foundations for a stable and synergistic collaboration, to the advantage of those companies that represent the most dynamic part of the Italian economic-productive system. China represents a particularly strategic geographical area for our Group, with a dedicated Hub and important wealth management activities in the Shandong Province, where the group also has an important stake in the Bank of Qingdao. During the course of the new Business Plan we aim to significantly increase this business so that the country can become our second growth area after Italy” – declared Carlo Messina, Chief Executive Officer of Intesa Sanpaolo.
