Intesa Sanpaolo has signed the entire 200 million euro circular tranche of the 800 million euro sustainable loan announced by Pirelli on March 31st. The specific circular tranche subscribed by the leading Italian bank has an incentive mechanism linked to the sustainability objectives of the Pirelli business plan. The performance indicators that will be measured include those relating to Fossil Based Materials, i.e. the progressive reduction of the use of materials from fossil sources, and the Rolling Resistance, i.e. the decrease in the rolling resistance of the tyres.
The financing, which falls within the 5 billion euro circular ceiling envisaged by Intesa Sanpaolo's 2018-2021 Business Plan, was structured by the Corporate and Investment Banking Division, led by Mauro Micillo, with the support of the Circular Economy Team of Intesa Sanpaolo Innovation Center, a company dedicated to innovation and the dissemination of the circular economy, chaired by Maurizio Montagnese and led by Guido de Vecchi. The role of Circular Economy Coordinator assumed by Intesa Sanpaolo confirms the Bank's commitment in loans that accompany companies in the transition to the circular production model.
"We are pleased to support Pirelli - commented Mauro Micillo, Head of the Corporate and Investment Banking Division of Intesa Sanpaolo and Chief Executive Officer of Banca IMI - on the road that leads to the achievement of the important goals set out in its Business Plan, such as, for example, the progressive of the raw materials used and CO2 emissions in the production chain, as well as greater resistance and therefore lower tire wear. Just to support these initiatives the Intesa group has already disbursed 1,2 billion euros from the 5 billion euro plafond dedicated exclusively to investments in the circular economy, for a total of 95 transactions in Italy and abroad".
Meanwhile, Intesa Sanpaolo has launched another initiative linked to the coronavirus emergency: as a symbol of trust and hope for the future, some Milanese bank offices will be illuminated by rays of LED light in the colors of the Italian flag, until 4 May. These include the historic Palazzo delle Colonne in via Verdi, the Gallerie d'Italia in Piazza Scala and the headquarters of Fideuram Intesa Sanpaolo Private Banking in via Montebello.
