illimity Bank S p A: and the EIB Group together to support Italian companies

€ 1.2 BILLIONS TO BE SUPPORTED ITALIAN COMPANIES WITH EIB gROUPEUNLIMITED

AGREEMENT UNDER EUROPEAN gGUARANTEE FUND (EGF)

  • 60 million euros of EIB guarantee to support unlimited to unlock new liquidity for companies by financing working capital, via reverse factoring for more than 1 billion euros in turnover
  • 150 million euros of EIF guarantee to support unlimited mobilization of 215 million euros in new funding

Milan / Luxembourg, December 9, 2021 – The EIB Group – including the European Investment Bank (EIB) and the European Investment Fund (FEI) – and unlimited Bank SpA (“unlimited“or the”Bank“) signed two agreements to provide new liquidity to Italian small and medium-sized enterprises (SMEs) to help them meet the challenge of post-COVID-19 recovery. The aim of the agreements is to unlock funding of more than 1.2 billion euros in respect of two EIB Group guarantees for a total amount of 210 million euros.

This funding was supported by the contribution of European Guarantee Fund (EGF), which is part of the European Union’s € 540 billion package of measures to tackle the economic difficulties and production slowdowns caused by the coronavirus pandemic.

Gelsomina Vigliotti,vice president of EIB, commented : “The EIB, with Illimity, continues to support the economic recovery of Italian companies hard hit by the economic crisis caused by the pandemic. The Association for Financial Markets in Europe estimates that SMEs have lost between 450 and 600 billion euros due to the pandemic. Through the European Guarantee Fund (EGF) – which was specifically created to deal with the consequences of the crisis – the EIB provides businesses (especially SMEs) with the liquidity they need to ensure the continuity of their activities while paying employee salaries and supplier invoices. Italy is to date one of the main beneficiaries of GEF funds.

Alain godard, The CEO of EIF added: “Small and medium-sized enterprises are the engine of the European economy and supporting their growth and development is our priority. The European Guarantee Fund is proving to be the right tool to achieve this goal, providing the necessary liquidity to support SMEs long-term investment needs. ”

Corrado Passera, CEO and founder of unlimited concluded: “Illimity was created to promote and support the potential of SMEs and we therefore welcome the agreement signed with the EIB, which will allow us to go even further in helping businesses, in particular for financing the chain. supply. In these unprecedented times, finance has a great responsibility towards the corporate world and unlimited intends to make its contribution by using all the tools at its disposal. ”

Illimity Bank SpA, Sede Legale Via Soperga 9, 20124 Milano, Italy – www.illimity.com

EIB-unlimited operation

Endowed with an EIB guarantee of 60 million euros financing working capital for more than one billion euros in turnover, the BEI-unlimited operation will bring new liquidity to companies by financing working capital via reverse factoring products, specifically focused on the supply chain. Companies will be able to collect their trade receivables early thanks to the intervention of unlimited.

Concretely, illimity will offer suppliers advance payments based on their financial needs, reducing the risk of disruption in their supply chains and improving their working capital.

The European Guarantee Fund will make it possible to invest more and more in the financial instruments available to Italian supply chains, increasing both the amounts of loans and the number of companies involved. The EIB Group guarantee will cover up to 75% of the unlimited exposure to buyers for three years.

EIF-unlimited operation

The European Investment Fund (EIF) will provide an unlimited guarantee of 150 million euros, enabling it to create a financing portfolio of 215 million euros for small and medium-sized enterprises. Access to credit will be supported on favorable terms for Italian SMEs exposed to the pandemic crisis, thus preserving employment levels.

The EIF guarantee under the EGF will cover up to 70% of the unlimited exposure to these new loans to SMEs.

For more information:

Press contact

Press officer, [email protected], Phone. : +352 4379 82528, mobile: +352 691 285 772

Website: www.bei.org/press, Press office +352 4379 21000 – [email protected]

Unlimited Investor Relations

Silvia Benzi: +39 349 7846537 – +44 7741 464948 – [email protected]

Unlimited press and communication office

Isabelle Falautano, Francesca d’Amico

Sara Balzarotti, Ad hoc communication advisers

+39 340 1989762 [email protected]

+39 335 1415584 [email protected]

Illimity Bank SpA, Sede Legale Via Soperga 9, 20124 Milano, Italy – www.illimity.com

Background information

The European Investment Bank (EIB) is the long-term credit institution of the European Union owned by its member states. It provides long-term funding for solid investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). From 2019 to 2020, the EIB Group provided 23 billion euros of financing for projects in Italy.

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its main mission is to support European micro, small and medium-sized enterprises by helping them to access financing. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF promotes the EU’s goals of innovation, research and development, entrepreneurship, growth and jobs.

European Guarantee Fund

The European Guarantee Fund(EGF) was created by the EIB Group (EIB and FEI) with contributions from Italy and other EU Member States to protect businesses struggling in the crisis caused by COVID-19. With nearly 25 billion euros in guarantees, the EGF enables the EIB and the EIF to quickly offer companies, mainly SMEs and mid-caps, access to loans, guarantees, securities backed by assets, capital and other financial instruments. The EGF is part of the stimulus package put in place by the European Union, with the aim of providing a total of 540 billion euros to support the hardest hit sectors of the EU economy.

Unlimited Banque SpA

unlimited is the high-tech banking group founded and led by Corrado Passera which was created with the aim of responding to specific market needs through an innovative and specialized business model. More specifically, illimity provides financing to high-potential SMEs, buys and manages loans to distressed companies through its neprix platform, and provides digital direct banking services through illimitybank.com. illimity SGR, which sets up and manages alternative investment funds, the first of which is dedicated to UTP loans, is also a member of the Group. The history of the illimity Group began in January 2018 with the launch of the ad hoc acquisition company SPAXS SpA, which resulted in a record raising of 600 million euros on the market. SPAXS then acquired Banca Interprovinciale SpA, with the resulting merger between the two giving birth to “illimity Bank SpA” which has been listed on the Italian Stock Exchange since March 5, 2019 (ticker “ILTY”), first on the MTA scholarship and since September 2020 on the star segment. The banking group, headquartered in Milan, can already count on more than 700 employees and closed the first nine months of 2021 with assets of more than 4.6 billion euros.

Illimity Bank SpA, Sede Legale Via Soperga 9, 20124 Milano, Italy – www.illimity.com

Disclaimer

Unlimited Banque SpA published this content on December 09, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 09 December 2021 09:31:29 UTC.

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Sales 2021 283 million
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Net income 2021 65.0 M
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Capitalization 1,024 million
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