The EIB Group and Banco BPM join forces once again to support the working capital needs and investments of Italian SMEs hit by the economic crisis caused by the pandemic. This is the first operation of its kind in Italy and one of the first in Europe. To this end, the European Investment Bank (EIB) and the European Investment Fund (EIF) will provide a guarantee of € 91 million on a junior tranche of a synthetic securitization of a portfolio of loans to SMEs originating from Banco BPM. The Italian bank will thus be able to provide financing and liquidity to SMEs through subsidized loans for a total of approximately 1 billion euros.
The transaction concerns the first loss of a synthetic securitization structure through the European Guarantee Fund (FEG). an integral part of the 540 billion euro package of measures approved by the European Union in 2020 specifically dedicated to countering the economic difficulties and production slowdowns caused by the pandemic. This is the third synthetic securitization transaction between the EIB Group and Banco BPM to support Italian SMEs and mid-caps, the first of which was signed in June 2019 (55 million euros) and the second in December 2020 (76.6 million euros) to support SMEs affected by Covid-19.
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