SACE (company)

SACE is the Italian export credit agency.[2] It is wholly-owned by the Italian Ministry of Economy and Finance (MEF) since March 2022 and governed by Filippo Giansante (Chairman) and Alessandra Ricci (CEO).[3]

SACE
Native name
SACE S.p.A.
TypeSocietà per azioni
IndustryInsurance industry
Founded1977 (SACE)
2017 (SACE SIMEST)
2022 (SACE)
FounderGovernment of Italy
Headquarters
Rome
,
Italy
Area served
Italy
Key people
ProductsFinancial services
OwnerItalian Ministry of Economy and Finance (MEF) (100%)
Number of employees
943[1] (2022)
ParentMinistry of Economy and Finance
Websitewww.sace.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
  • 2022 - In March 2022, the "SACE Decree" (Decree Law n. 23/2020) defined the reorganization of the SACE Group, under which SACE transferred its stake in SIMEST to Cassa Depositi Prestiti and the latter transferred its 100% stake in SACE to the Ministry of Economy and Finance.

Activity

SACE, 100% controlled by the Italian Ministry of Economy and Finance (MEF), 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. "Annual Review 2022" (PDF). Retrieved 21 June 2023.
  2. "Bloomberg - Company Overview". Bloomberg News. Retrieved 24 October 2016.
  3. "SACE, assemblea nomina Giansante Presidente e designa Ricci quale Ad".
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.