The agreement consists of a reverse factoring arrangement worth 21 million euro having the aim of providing support for the liquidity of the businesses in FIS’ supplier network, the majority of which are situated in the centre and north of Italy. In this respect, on the indication of FIS, it will be possible for these suppliers to receive the amounts due to them by the Company far more quickly than under standard payment procedures. 
By carrying out this transaction, the Bank immediately supports an injection of liquidity into the pharmaceutical industry’s supply chain, in this way creating a virtuous circle while at the same time giving its backing to an important entity in the sector at an international level. 

In this respect, illimity and FIS have also entered a direct factoring agreement providing for a credit facility of 23 million euro, which currently may be used by FIS to sell its receivables due from primary Italian and international customers. 

Enrico Fagioli, Head of the Growth Credit Division (formerly known as the “SME Division”) in illimity: stated: “We are pleased to work with an Italian business excellence recognised at an international level. The pharmaceutical industry plays a fundamental role in the economy, and today more than ever, in safeguarding and protecting people. We are therefore especially proud of our involvement in the support of companies in the sector and of being able to enhance the value of a group such as FIS, at the same time creating a virtuous circle capable of providing practical assistance to communities and the local area.”. 

Manuel Barreca, Chief Financial Officer of FIS, commented: “The agreement we are announcing today renews the commitment of FIS to supporting its entire supplier chain and providing a concrete contribution to the support of the manufacturing sector of the pharmaceutical industry in Italy, currently considered more strategic than ever for the economic recovery, not only in this country but also at a European level. We are excited at the possibility of working with a company like illimity, one of the most dynamic and innovative entities in the Italian banking scenario”.