Crédit Agricole Italia and Palumbo Group together to support the superyacht construction supply chain

The company joins the Bank’s Supply Chain Finance platform
In addition, a structured finance transaction worth 12.5 million euros has been finalized

Milan – Naples, September 28, 2021 – Palumbo Group and the companies specialized in the yachting sector carrying the name Palumbo Superyachts, of Italian and international renown for their excellence also in the construction of yachts and superyachts from 25 to 100 meters, have joined the Crédit Agricole Italia Supply Chain Finance platform, activating the Confirming service. The entry coincides with a 12.5 million euro structured finance operation with the objective of issuing international guarantees in favor of ship owners involved with yacht building operations and payments against the achievement of work progress.

“Our Group’s vision focuses on supporting and developing the “Made in Italy” production chains – says Marco Perocchi, Head of Corporate Bank Management at Crédit Agricole Italia. “The creation of a close relationship with the lead companies, extended to the entire ecosystem, aims at strengthening the suppliers’ link to the Supply Chain itself. With Impatto Impresa, the entire value chain draws benefits in terms of virtuous growth also thanks to the ISO certification of Bureau Veritas validating its financial sustainability. Through the Confirming service, the Lead Company offers suppliers the right to assign to the Bank the trade receivables deriving from invoices the suppliers claim from the company, subject to certain previously agreed economic conditions. Thus, the suppliers participating in the program will be able to benefit from the credit of the Lead Company, as the debtor of the transfer relationship to the Bank “.

“This new partnership with Crédit Agricole Italia, with which we have been collaborating for years with mutual satisfaction, has been strongly supported by me with the aim of guaranteeing our production chain a solid opportunity to access credit. Impatto Impresa will provide our market with even greater stability and financial efficiency, which in turn will affect all the companies related to Palumbo Superyachts “, says Giuseppe Palumbo, Sole Director of Palumbo Superyachts.

Palumbo Group, based in Naples, is a company operating since 1967. Originally set up as a carpentry and metalworking shipyard to support the local ship repair industry, over the years it has grown into an important identity for the maintenance and repair of commercial ships of any kind, carrying out important refit and naval conversion jobs. In 2008 was created the Palumbo Superyachts division that builds and markets yachts under the ISA Yachts, Columbus Yachts, Mondomarine, and Extra Yachts brands.

The Palumbo Group network is made up of eight shipyards, five of which are dedicated to Superyachts and represent a benchmark for a clientele of international standing. Thanks to this network of shipyards scattered through the Mediterranean (Ancona, Malta, Marseille, Naples, and Savona) it is possible to provide a 360° service. Today, attention to product quality and environmental sustainability make Palumbo Superyachts highly competitive.

Thanks to “Impatto Impresa“, an initiative stemming from the constant dialogue with entrepreneurs, associations, and local institutions with the aim of developing a closer link with the territory, the Crédit Agricole Group has recently obtained the ABI 2021 Award in the “Innovation for Ecosystems” category.