Agreement with Friuladria and Eurofactor
to support Fincantieri suppliers

Thursday, February 25, 2010

Fincantieri – Cantieri Navali Italiani S.p.A., Eurofactor Italia S.p.A. (Crédit Agricole Group)) and Banca Popolare FriulAdria S.p.A. (Cariparma Crédit Agricole Group), both companies of Crédit Agricole Group, signed an agreement both to facilitate and reduce the cost of access to credit for suppliers to the shipbuilding group - the world’s leading builder of cruise ships.

Thanks to this agreement, which is underpinned by Fincantieri’s credit worthiness, the many small and medium enterprises which form part of the group’s system of work, in the geographical areas where it is historically located and where FriulAdria and Eurofactor are reference institutes for SMEs, will have the advantage of preferential channel to access credit, at competitive costs.

Given the context of the current economic crisis with increasingly selective credit access, the agreement will provide SMEs in the supply chain with a highly important instrument to support and maintain production activities.

Firms which decide to take up the offer will be able to avail themselves of banking and factoring services tailored to their specific needs.

In this way Fincantieri’s close attention towards the company’s network of suppliers has been extended to include an instrument which strengthens its well-established relations with over 5,000 firms of all sizes, which receive every year approximately 2 billion euros for the purchase of materials and work. Backed by the expertise of its partners in the agreement, in a critical period for the sector during which the company’s and its suppliers’ efforts have been rewarded with recently gained orders, Fincantieri aims to enhance quality and optimise costs as requested by a market which is increasingly focused on cost containment and high product standards.

Commenting on the agreement Giuseppe Bono, Chief Executive Officer of Fincantieri, said: "Thanks to this agreement, undersigned with great foresight by FriulAdria and Eurofactor, we intend to give further value to our supply chain and reach results which will benefit not only Fincantieri, but all our network. Our company has its ethics and we are ready to support the growth of our partner suppliers ".

“The agreement is in line with our vocation as a bank for the territory - added the Director General of FriulAdria Carlo Crosara – Our aim is to support an important company as Fincantieri and provide a practical response to the credit needs of suppliers working in the regions of Friuli Venezia Giulia and Veneto, but not only. As members of the Crédit Agricole group and given the synergy with companies in the group such as Eurofactor and Calyon today our bank is even more competitive in this type of operation”.

“This represent for Eurofactor an important opportunity to confirm the aim of the company, established on 2008 to complement and develop the relationship with ours Bank partner – Cariparma, Friuladria and Crédit Agricole Corporate & Investment Bank – offering our services to the client of the Group - underline Massimo Mancini General Manager of Eurofactor. - The possibility to work with an important company as Fincantieri represent for us an opportunity of pride and satisfaction”.

Fincantieri