CaixaBank Announces Participation in Ferrovie dello Stato Italiane S.p.A’s Sustainability linked Revolving Credit Facility

CaixaBank claims that is the only Spanish bank participating in the Ferrovie dello Stato Italiane S.p.A. (FS)’s new committed and revolving credit facility signed “with a syndicate of nine banks and financial institutions for a total amount of up to €3.5 billion with a three-year term.”

To date, this facility agreement reportedly represents “the largest financial transaction ever signed by FS in terms of size.”

The credit line, signed by FS “with Banca Popolare di Sondrio, BNL-BNP Paribas, BPER, CaixaBank, Cassa Depositi e Prestiti, Crédit Agricole CIB, ING, Intesa Sanpaolo – Divisione IMI/CIB and UniCredit, is a Sustainability Linked product, thanks to the contractual provision of mechanisms for revising the margin and commitment fee upon the achievement of targets related to three Key Performance Indicators (KPIs) testifying the FS Group’s strong commitment to ESG issues.”

The KPIs relate “to (i) the percentage of capex aligned with the EU taxonomy; (ii) energy intensity set out as the ratio of energy consumption to the FS Group’s operating revenues; and (iii) the increase in the percentage of female employees compared to the total number of employees.”

The participation of CaixaBank in this transaction “has strengthened the relationship between the bank and FS.”

Since 2021, when CaixaBank signed in “a syndicate with other banks the previous revolving credit facility of FS, three more bilateral loans have been signed for a total amount of €400 million.”

CaixaBank is also a dealer of “the €12bn EMTN Program of FS.”

As covered recently, OpenWealth, the CaixaBank subsidiary dedicated to providing independent wealth advisory services for large clients, surpassed €7.3 billion in assets under supervision at the end of April 2024, reportedly making it “not only the largest wealth advisory firm for Ultra High Net Worth clients, but also the largest multifamily office service in Spain.”

In just two years of activity, OpenWealth’s offer, based “on high specialisation and diversification, has allowed it to consolidate its position as a leader in the sector in the country.”

CaixaBank was the first bank in Europe “to launch this service, 100% independent and with an explicit charge, which is offered to people with assets worth over €50 million, regardless of whether or not they are customers of the bank and regardless of where they have their assets deposited, which can be in different entities.”

In recent months, OpenWealth has increased “the number of clients to a portfolio of 45, and consequently its team of professionals, now made up of 17 consultants compared to the initial five, with the aim of continuing to guarantee the quality and personalization of the service at all times.”

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