March 18, 2020, Milan, Moscow. The Italian banking Group Intesa Sanpaolo, of which Banca Intesa is a part, launched an initiative in the context of the coronavirus pandemic aimed at supporting the Italian economy, primarily small and medium enterprises.
These measures amount to a total of €15 billion and involve actions in two directions:
• €5 billion for new credit lines beyond existing ones, lasting 18 months (minus one day), with 6 months of pre-amortization and favorable conditions, including the initial fees. These lines of credit can be granted to existing customers and new customers, who currently do not benefit from available credit lines;
• the provision of €10 billion of liquidity to Intesa Sanpaolo customers, through pre-approved credit lines that can now be made available for broader and more flexible purposes, such as the management of urgent payments.
At the same time, Intesa Sanpaolo donated €100 million to help to overcome difficulties in the Italian sanitary system. These funds will be used aim to strengthen intensive care facilities, bringing the number of beds available from 5,000 to 7,500, to create field hospitals and to purchase medical equipment.
These new initiatives by Intesa Sanpaolo are in addition to the moratorium announced on February 24, with the suspension of installments on existing loans for 3 months (for the principal portion only or for the entire installment) which can be extended for an additional 3 to 6 months depending on the duration of the coronavirus emergency.
“We have a duty in this phase of extreme urgency to commit every resource, to give maximum support to Italian companies and allow them, once they’ve overcome the current difficulties, to relaunch as soon as possible, declared Carlo Messina, CEO of Intesa Sanpaolo. We are deploying significant resources, equal to almost one percent of GDP. We can do this because Intesa Sanpaolo has the size, solidity and widespread presence that enable extraordinary interventions throughout the country, giving support to all businesses. The regional management, thanks to the professionalism of our people and the broad authority they have in providing credit, will ensure the optimal effectiveness of these measures.
Our goal is to safeguard the value of Made in Italy, the excellence of our value chains, and the strength of our exports. We are certain that the skills and resilience of Italian entrepreneurs will enable our industries to quickly regain ground and relaunch from a position of strength following this crisis.”All press-releases