Intesa Sanpaolo and Sanlorenzo sign €50 million agreement
Financial support for the working capital of suppliers by means of advances on trade receivables…
Intesa Sanpaolo has signed a new partnership agreement with Sanlorenzo, with the aim of supporting the small and medium-sized enterprises that make up the supply network. As a result of the new agreement, the network will now be able to access a €50 million credit line made available by the bank to receive advances on the trade receivables owing to them from Sanlorenzo.
The ‘Supply Chain Finance Program’ is structured to make the financing of working capital both efficient and economically viable, and makes use of the reverse factoring tool with a digital platform optimising the management of the company’s financial needs. The client can then support and build loyalty within its chain of suppliers, ensuring them better access to credit, and can rationalise and simplify payment procedures towards supplier companies, giving the bank a mandate for settlement on expiry of supplier invoices uploaded to the platform.
"This agreement is of great value for Sanlorenzo, as well as for more than 1,500 craft businesses working alongside us in the production of our yachts” - Massimo Perotti, Executive President - Sanlorenzo
The wider ‘Supply Chain Program’ has been developed by Intesa Sanpaolo to help production chains of the Italian business system flourish. The project has been successful on the industrial system in Liguria, whereby 13 supply chain contracts have been signed to date, for a turnover exceeding €1 billion. “We are very satisfied with this agreement, and with an excellent partner like Intesa Sanpaolo, which pays great attention to the Italian territorial districts. This agreement is of great value for Sanlorenzo, as well as for the more than 1,500 craft businesses working alongside us in the production of our yachts,” comments Massimo Perotti, Executive President of Sanlorenzo.
In a radius of 50 km between the north of the Tuscan coast and the Ligurian Riviera di Levante, there are more than 1,500 craft businesses with which Sanlorenzo works, and they are involved in every phase of the production of a yacht, in accordance to the specific requests of the owners. Further to the ongoing global situation and potential looming economic crises, these are the businesses who will benefit from a concrete support tool such as the new program, and can continue to grow and develop with Sanlorenzo.
“We have one of the main boating districts in Europe between La Spezia and Viareggio, made up of truly excellent craft businesses with which we have been working for many years, and which enable us to express the best quality and the highest level of customisation for our boats,” continues Perotti.
“We are facing extraordinary events: to start again, we need to create a system and be firm in the supply chain..." - Teresio Testa, head of the Piedmont, Valle d’Aosta and Liguria Directorate - Intesa Sanpaolo
“We are facing extraordinary events: to start again, we need to create a system and be firm in the supply chain. Today more than ever, the relationship between company and suppliers represents a fundamental link holding together the local productive fabric,” explains Teresio Testa, head of Piedmont, Valle d’Aosta and Liguria Directorate of Intesa Sanpaolo.
“The strongest companies right now, together with the banking system, have to take responsibility for the companies in the supply chain which are smaller in size and therefore more fragile. The operation with Sanlorenzo is a response to this sense of responsibility. Together we want to pay attention and add value to the artisans operating in the area and the resources for growth and development,” concludes Testa.
SuperyachtNews recently reported that Sanlorenzo is also on the brink of acquiring a controlling stake in Perini Navi, which currently has the Tabacchi family’s Fenix Srl as its main shareholder. More information can be found here.
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