From Verona and Brescia to Mestre, Cdp opens new offices and acts as the shoulder of the companies – Corriere.it
Wanting to coin a slogan to say that the time of proximity has begun for the Cassa Depositi e Prestiti (CDP). Its territorial articulation is continuously updated and a new office is scheduled to open in Mestre on Monday 11 July, which follows other offices opened in sequence in Verona and Brescia. Cdp, a historic centralist and obviously Roman organization, discovers the territories and at the same time expands its range of action. It is addressed directly to the companies of the new industrial triangle and an dialogue develops with them which, at least in the projects, promises to be long-term. If historically the Cassa had worked mainly by financing the public administration and the infrastructure supply chain, now it is turning its gaze to the private industrial sector. In order to have some numbers that can be used to estimate the novelty, it is worth bearing in mind that out of 110 billion stocks – data at the end of 2021 – of the disbursements financed by the business division of Cdp, led by Massimo Di Carlo (of Mediobanca training), 77 are go to the public administration, 13 to finance infrastructure works and as many as 27 directly to businesses and banks. And just look at how the Verona office, just opened before the pandemic (May 2019), moves to get an idea of the pace of the operation. In 2019 Cdp Verona financed 5 companies for 95 million, in 2020 we went to 24 companies for 217 million, in 2021 another 25 companies for 250 million and in this first part of 2022 there have already been 9 companies involved for a total of 135.
The target of the Cashier
These are numbers that give the sign of constant activity. After all, Verona had been chosen for its geographical position, but a few months later the investment was replicated by opening in Brescia with the idea of also covering Bergamo and other Lombard provinces and now, as already mentioned, Mestre will come to strengthen the Cdp presence in the Northeast. The size of the companies involved requires a different approach. If the target company below 50 million in turnover, Cdp finances it as it happened in a recent case (through Finlombard), while from 50 million upwards it proceeds vis – vis. What kind of business is financed and under what circumstances? Certainly, those with growth / internationalization prospects and who are facing extraordinary moments in their life such as large investments, acquisitions or re-stitching of the supply chain are preferred. The aim is to aspire to the medium and long term also to distinguish itself – we would like to emphasize it even if it could necessarily be a matter of controversy – from the offer of commercial banks which instead favor a shorter logic.
The news, from sustainable management
Within this idea of development, of course, Cdp pays great attention to the issues of sustainability and ESGs: the case that is frequently cited is that of the 40 million loan to the Varese multinational Lu-Ve (air heat exchangers), built with a mechanism on the basis of which the cost of the loan increases if the company increases employment in the Italian plants. An experience that should be replicated given the critical success it enjoyed. At this rate, in the three-year period 2022-24 the resources that will be used by the business area will reach a share of 57 billion, of which 34 directly on companies. In the change of skin of CDP it is also necessary to take into account the need to hire resources in line with the time of proximity and in fact executives from Unicredit, Mef, Banca Popolare di Bari, Credit Agricole and McKinsey have arrived. And thanks to the contribution of these professionals, as already mentioned, the CDP’s intention to cover the entire industrial triangle, including Emilia-Romagna, with the opening of an office in Bologna next year.
Path
But how is the relationship with companies triggered? From which input? The simplest process is that of a call from below, directly from companies in search of financing for growth, but it may also happen that consultants or intermediaries are responsible for the former. There is also a sort of pro-active research by Cdp which identifies the companies with the most appeal in the area. For disbursements over 150 million, the go-ahead from the Cassa’s board of directors is required, from 80 to 150 the signature of the managing director Dario Scannapieco is enough, while for smaller amounts the procedures are simpler. It is estimated that for each loan disbursed at least 5-6 No. denominator of its loans are environmental and employment. Together: how many less CO2 was emitted and how many jobs were added.
And what if the request that comes from companies was not just for mortgages but for equity? In that case the practice changes desk and passes to the colleagues of Cdp Equity. But, and this is perhaps the key question, was there a need for the Cassa to enter a market largely controlled by banks? The answer that leaks from Rome resembles another slogan: Cdp has the country in its heart and therefore there is no similar operator. No competitors, no overlaps. And as for the path that led an organization with a centralist and Roman-centric culture to try to make the “molecular” inclination of the territories its own, it is useful to refer to the book by Paolo Bricco (Cassa Depositi e Prestiti, Il Mulino, 2020) and to the emergency logic of some historic CDP interventions in the regions. Come in the cases of the Messina and Irpinia earthquakes. But what is the new emergency to contrast? Perhaps the risk (at least perceived) of a possible downsizing of industrial Italy.