SACE (company)

SACE SIMEST is the Italian export credit agency.[2] It is wholly-owned by Cassa Depositi e Prestiti and governed by Rodolfo Errore and Pierfrancesco Latini.

SACE SIMEST
Native name
SACE S.p.A.
SIMEST S.p.A.
TypeSocietà per azioni
IndustryInsurance industry
Founded1977 (SACE)
1990 (SIMEST)
2017 (SACE SIMEST)
FounderGovernment of Italy
Headquarters
Rome
,
Italy
Area served
Italy
Key people
ProductsFinancial services
OwnerCassa Depositi e Prestiti (100%)
Number of employees
892[1] (2016)
ParentCDP Group
Websitewww.sacesimest.it

History
  • 1977 - establishment of Sezione speciale per l'Assicurazione del Credito all'Esportazione - SACE as public entity under the surveillance of the Italian Ministry of the Treasury
  • 1990 - establishment of Società Italiana per le Imprese Miste all'Estero - SIMEST as public entity under the surveillance of the Italian Ministry of Foreign Trade
  • 1998 - Sezione speciale per l'Assicurazione del Credito all'Esportazione - SACE was transformed into Istituto per i Servizi Assicurativi del Commercio Estero - SACE as an entity with legal personality under public law, under the supervision of the Ministry of the Treasury, Budget and Economic Planning
  • 2004 - SACE is transformed into a joint-stock company, whose capital is wholly-owned by Ministry of Economy and Finance and enters the short-term credit insurance market
  • 2005 - SACE enters the surety market
  • 2010 - SACE enters the factoring market
  • 2012 - SACE is acquired by Cassa Depositi e Prestiti
  • 2016 - SACE and SIMEST constitute a hub for exports and internationalization with their One-door initiative
  • 2017 - establishment of SACE SIMEST

Activity

SACE SIMEST, 100% controlled by Cassa Depositi e Prestiti, offers a complex range of instruments for credit insurance, investment protection, the provision of sureties and financial guarantees. The credit insurance is the reduction or transfer to third parties of the risks of insolvency. The insurance includes, from an economic-financial, managing and funding the loan. The risks of construction are all factors capable of damaging a particular company or that she herself may be damaged.

See also

References
  1. "Financial and consolidated statements 2015" (PDF). Retrieved 24 October 2016.
  2. "Bloomberg - Company Overview". Bloomberg News. Retrieved 24 October 2016.
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