Hogan Lovells with Banca Valsabbina and Borsadelcredito.it for the new securitisation in favour of SMEs

29 September 2020 – International law firm Hogan Lovells acted as legal counsel to Banca Valsabbina and Borsadelcredito.it in the securitisation of 100 million Euros of trade receivables which have been granted to SMEs and guaranteed by the Fondo Centrale di Garanzia [Central Guarantee Fund].

The activity is part of the ‘Slancio Italia’ project, launched by BorsadelCredito.it, the first entirely digital company in Italy for loans to SMEs, with a view to providing new liquidity to Italian businesses during the pandemic.

Banca Valsabbina – a key bank of Brescia which has 70+ branches across Lombardy, Veneto, Emilia-Romagna, Piedmont and Trentino Alto Adige – assisted the company Fintech as Arranger and Account Bank. Banca Valsabbina also subscribed the ABSs along with other institutional investors.

This is the first unrated securitisation transaction listed on the ExtraMOT-PRO, after the recent changes to the listing regulation.

The Hogan Lovells team was led by partner Corrado Fiscale with support from counsel Giulia Arenaccio and Alessia Cipitì and Eugenio Sabino. The tax issues of the transaction have been dealt with by counsel Serena Pietrosanti and senior associate Maria Cristina Conte.