Page 43 - Investing in Bergamo EN

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SAVINGS, BANKS AND CREDIT

In the province of Bergamo, 77.3% of families live in a house they own: a significant value,
higher than the Italian average, which is already high (Lombardy 73.9, Northwestern
Italy 72.1, Italy 72.0). With regard to the absolute number of homes owned, the province
is in fifth place, after the much higher Rome, Milan, Turin, Naples and nearby Brescia,
with over 340,000 homes owned by the families who live in them (ISTAT 2011).
This is best indicator in Italy of the population’s ability to save. Assets and savings are
closely related.
Deposits in 2013 were higher than 17 million. Since 2000, they have doubled despite
the fact that the growth trend was interrupted by the crisis.
As for jobs, a multiplier of 2.1 was recorded, in line with the regional average but higher
than the Italian average (1.6). Growth was also higher (+162% since 2000, with Italy
at 96.4% and Lombardy at 138.2%).
Banks have played a strategic role in Bergamo since the early industrialisation. Three
banks of national importance were born here: the Banca Popolare di Bergamo in
1869 (today part of the UBI Group), the Credito Bergamasco in 1891 (Gruppo
Banco Popolare) and the Banca Provinciale Lombarda in 1932 (currently part of
Banca Intesa). All the Italian credit institutes are present, as well as numerous foreign
banks.
56 banks operate in the province, including 14 Credit Cooperatives with 739
branches (Banca d’Italia).
Currently, in addition to European and national incentives, regional incentives are
also available for investments in innovation, internationalisation, energy savings and
employment. Lombardy also has an insurance guarantee fund (Confidi) that this year
merged with provincial and sector-related guarantee consortia to take on a regional
role and to provide more effective and consistent guarantees.
Two specific initiatives were implemented in Bergamo to drive investment and
lower the cost of money: local bonds and supply-chain finance.
The bond aims to provide medium to long term funds at competitive conditions based
on a ceiling twice as high as that of the local market with three-year debenture loans
dedicated to the initiative. The subscriptions open to savers to invest in their territory
have all been taken up.
Supply-chain finance has the aim of transferring the rating of the company leader to
strategic subcontracts. This improves the working relationship and ensures continuity of
the relationship with providers, who in turn reduce the cost of their credit lines.