BNL, Ifitalia and Fincantieri: Reverse Factoring to Increase Liquidity

BNL-Group BNP Paribas, Ifitalia and Fincantieri have signed a reverse factoring agreement which enables firms working with Fincantieri to unfreeze credit and draw on additional liquidity.

The agreement, which reflects the close attention which Fincantieri pays to its network of suppliers, makes available to companies which work with the shipbuilding group additional liquidity – through BNL – in proportion to their supply contract, to improve both their cash flow and their balance sheet indices.

The agreement will have an initial duration of 3 years and involve over 5,000 companies of all sizes, for an overall turnover of approximately 2 billion Euros every year for the purchase of materials and work.

Under the terms of the agreement, Ifitalia, a company in BNL group which specialises in factoring, takes on the credit of companies which supply products and services to Fincantieri, and advances payment; BNL, for its part, will make available to the same companies, further credit lines for the provision of commercial guarantees and advance payments on contracts, before invoices are issued.

The agreement concerns both simple provision of products and assembly services, and complex activities, such as turnkey provision of plant and furnishings. Under the agreement, companies make over to Ifitalia their commercial credit towards Fincantieri, both pro soluto and pro solvendo. Furthermore, for immediate financial requirements, connected to fulfilling the contract, companies may request an advance payment on the contract from BNL and the issuing of bank guarantees.

«BNL takes a responsible attitude to companies, supporting both ordinary financial requirements and those necessary for development plans – commented Fabio Gallia, Chief Executive Officer of BNL – This is the background to the agreement with Fincantieri, a practical response to unfreeze credit and finance the production cycle»

“Fincantieri is continuing its commitment to suppliers and recognises their importance since together we make up the company’s system – said Giuseppe Bono, Chief Executive Officer of Fincantieri –This agreement with BNL sets out to further strengthen our relationship with our supply chain by providing new instruments, also of a financial nature, which can support firms at this difficult moment for the economy.

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