Intesa Sanpaolo-Cassa Depositi e Prestiti, €600M to Finance Italian SMEs

Intesa Sanpaolo has signed the financing contract with Cassa Depositi e Prestiti (CDP, a joint-stock company under public control) within the framework of the Agreement between the Italian Banking Association, ABI-CDP that regulates a new initiative for providing financing to Small and Medium-sized Businesses (SMEs).

The initiative has been realised through the utilisation of a €8bn fund made available by CDP to the banking system in two portions, the first amounting to approximately € 3bn and the second to € 5bn.

Intesa Sanpaolo will receive € 600m from the first portion of funds, while the quota of use related to the second part will be determined in February 2010 on the basis of criteria provided for under the ABI-CDP Agreement.

According to an official statement, within the framework of the agreement, Intesa Sanpaolo will provide SMEs with investment and working capital loans exempted from the substitute tax having competitive terms and conditions in comparison with ordinary products. 



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