Press Releases and News

As regards the news on the decision of the European Commission relating to the request for the partial recovery of the State aid allegedly granted by SACE to its subsidiary SACE BT, SACE wishes to stress that the Group has always acted with complete decision-making and operational autonomy, in full compliance with market and competition rules and regulations and without availing itself of any grant from the Italian Ministry of Economy and Finance, its shareholder until November 2012.

SACE and EXIAR, the Russian agency for export credit and investment insurance, announced the successful signing of the Agreement Governing Reciprocal Reinsurance Obligations (the Agreement) in order to enhance trade & investment of both Italian and Russian corporates.

The Board of Directors of SACE today approved the draft separate and consolidated financial statements of SACE at 31 December 2012. SACE ended 2012 with a net profit of €255.1 million, up by 38.6% compared with the previous year.

SACE and the Kurdistan International Bank for Investment and Development (KIB), the leading bank in the autonomous region of Iraqi Kurdistan and the country’s largest private bank, have today signed a cooperation agreement to support investments and trade relations and to strengthen cooperation in export credit between Italy and Iraq.

SACE has guaranteed a USD 57.8 million loan granted to Coeclerici Group to finance the investment in four new offshore floating transfer stations for moving coal in Borneo, Indonesia.