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Fiat Chrysler close to green light for €6.3 billion state-backed loan - bank executive

Published 23/06/2020, 13:46
Updated 23/06/2020, 13:50
© Reuters. FILE PHOTO: Ceremony to mark the installation of the first robot on the production line for the new electric Fiat 500 BEV at the Mirafiori industrial complex on the 80th birthday of the plant

© Reuters. FILE PHOTO: Ceremony to mark the installation of the first robot on the production line for the new electric Fiat 500 BEV at the Mirafiori industrial complex on the 80th birthday of the plant

MILAN (Reuters) - Fiat Chrysler (FCA) (MI:FCHA) is very close to obtaining the necessary authorisations to receive a 6.3 billion euros (£5.7 billion) state-backed loan from Intesa Sanpaolo (MI:ISP), an executive at the bank said on Tuesday.

FCA's Italian division has tapped Rome's COVID-19 emergency financing scheme to secure a state-backed, three-year facility to support the group's operations in the country as well as Italy's car sector, in which about 10,000 businesses operate.

"We are waiting for the green light from the Economy Ministry, after that, from the audit court," Mauro Micillo, head of Intesa's corporate and investment banking unit said during a presentation. "They (the authorisations) could arrive in the coming hours."

© Reuters. FILE PHOTO: Ceremony to mark the installation of the first robot on the production line for the new electric Fiat 500 BEV at the Mirafiori industrial complex on the 80th birthday of the plant

Intesa Sanpaolo, Italy's biggest retail bank, has already authorised the loan pending the approval of guarantees the government will provide on 80% of the sum through export credit agency SACE.

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