The second largest bank in Italy, UniCredit (BIT: CRDI ), reported today that it will support up to 8,000 million euros to Italian households and companies affected by the rise in energy prices and other estate.
UniCredit will offer businesses €5 billion in new loans with a maturity of up to three years to help them pay their energy bills; and another 3,000 million euros will be available for measures such as deferring payments for credit card holders and mortgage loans.
The initiative will affect 1.4 million private clients and will be in force from October 1 to December 31, the bank added in a note.
The measure affects Italy, although the entity’s CEO, Andrea Orcel, has already said that he is studying similar actions for other countries in which it operates.
For its part, the largest bank in Italy, Intesa Sanpaolo (BIT: ISP ), has also announced that it will provide 2,000 million euros in financing to SMEs so that they can cover energy costs and will also offer a payment moratorium of up to 24 months in existing loans.
With the aim of supporting the liquidity needs and ensuring the continuity of the production of SMEs, Intesa Sanpaolo will offer specific lines of intervention in favor of companies, under favorable conditions and with the support of state guarantees.