Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

My Favorite China's Brands
CLASS

Intesa Sanpaolo and ICBC signed an agreement to support SMEs

November 09, 2021


Abstract : During the China International Import Expo, the two Groups signed a MoU to provide services, including financial ones, to Italian and Chinese SMEs that want to grow in both markets.

MILAN, Nov 9 (Class Editori) — An agreement was reached to support Italian and Chinese small and medium enterprises (SMEs). Intesa Sanpaolo and Industrial and Commercial Bank of China (ICBC) will offer products and financial and non-financial services to support SMEs interested in industrial and business activities in both markets.

The MoU was reached thanks to Italy China Foundation, of which both the banks are members, and was signed on the occasion of the China International Import Expo (CIIE) underway in Shanghai.

This cooperation will also be developed by finding new possible specific distribution hubs dedicated to the needs of both business worlds.

As explained in a note, the two banks want to provide products and services to support the requirements of the two markets by introducing and then assisting mutual consumers also through the help and experience of Italy China Foundation.

Moreover, the MoU includes the creation of combined promotional initiatives to strengthen business development in the two reference markets.

“Internationalization is an important tool for Italy’s recovery and for the development of the companies, which represent Intesa Sanpaolo’s focus in the plan to support Italian entrepreneurs also with more than 300 experts active on all the territory,” Stefano Barrese, Head of the Banca dei Territori Division (domestic commercial banking), explained. “This agreement represents a development opportunity for Italian SMEs that want to enter a major, ever-growing market, in which Intesa Sanpaolo has been active for years, thanks to targeted products and services able to promote their growth abroad as well. Moreover, thanks to this partnership we aim for the first time to benefit from a distinctive commercial offer to efficiently meet the needs of Chinese entrepreneurs”.

According to Rosario Strano, Head of China Project at Intesa Sanpaolo, “the Memorandum of Understanding with ICBC, within the institutional framework and with the operational support of Italy China Foundation, once again confirms the bank's ability to reach cooperation agreements with key international and institutional partners. Thanks to the potential of two major banks such as Intesa Sanpaolo and ICBC, the development of entrepreneurial initiatives of SMEs will be facilitated. These companies are significantly present in the two countries, and more than others need to be supported through a complete platform of financial and non-financial services during the different stages of their growth”.

“This initiative is completely in line with our mission, which is to support Italian and Chinese partners and companies,” Mario Boselli, President of Italy China Foundation, commented. “For over 18 years we have been the most important Sino-Italian platform operating in our country and this is why we wanted two important international players and strategic partners such as Intesa Sanpaolo and ICBC to join forces. This agreement is the only one of its kind signed by ICBC with an Italian institution during the CIIE and will allow us to provide an innovative tool in terms of system, a further practical support to the companies of both countries in this difficult time”.

(Source:Class Editori)

Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.

Scan the QR code and push it to your mobile phone

Keyword: ICBC

Reading:

​Standard Bank helps boost China-Africa trade by participating in CIIE

Economic Watch: China's fintech innovation boosts real economy

The Belt and Road Initiative to support the Italian Stock Exchange in Milan

ICBC Turkey receives 12 prizes at LACP 2020 Vision Awards

Economic Watch: Chinese banks steer loans to real economy amid recovery

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial