New agreement between Intesa Sanpaolo and Rinascente. The banking group has signed an agreement with La Rinascente to support the fashion production chain in the delicate phase of the restart. It is a 35 million euro loan under Sace's Garanzia Italia programme, envisaged by the Liquidity Decree. The transaction was completed by the Global Corporate Department of the Corporate and Investment Banking Division of Intesa Sanpaolo.
The new resources, for which Sace promptly issued a 70% guarantee counter-guaranteed by the State, will be primarily intended for payment of suppliers and working capital to support Rinascente in the recovery phase after the long period of lockdown of the shops due to the health emergency from Coronavirus.
This intervention, in support of the national economy in such a delicate moment for our country, confirms the commitment of the Italian banking group towards small and medium-sized Italian companies.
It is precisely because of the awareness of the enormous difficulties that the whole country is facing due to the epidemiological emergency and the challenges that still await it, that Intesa Sanpaolo has launched a series of initiatives for a total ceiling of 50 billion euros.
“With this loan to Rinascente we are proud to support a symbol of Milan and of Italy – underlined da Richard Zatta, Global Corporate Manager of the Corporate and Investment Banking Division of Intesa Sanpaolo – The showcase of national excellence that has made and will make the history of high-quality large-scale distribution in the country".
“An intervention in synergy with a banking partner such as Intesa Sanpaolo – he declared Simonetta Acri, Chief Mid Market Officer of Sace – Confirms our commitment to support the national economy, in this complex context and in view of the restart that we all hope for".
"Supporting the productive activities of the Italian territory allows to generate wealth on every front, from the economy, to culture, to research, to social well-being" - he commented Mariella Elia, Chief Financial Officer of Rinascente.
