A new bank with large experience
Banca Progetto S.p.A., a financial institution controlled by Oaktree Capital Management L.P., was founded at a time of profound transformation of the Italian banking sector and is working to quickly become a major player in the credit market for families and businesses.
Management is focused on offering banking services in a simple, fast, digital and technologically advanced manner that is attentive to the needs of families and businesses.
With offices in Milan and Rome and a commercial network spread throughout the country, Banca Progetto specialises in three businesses serving small- and medium-sized businesses and private customers in Italy:
- Salary- and pension-backed loans for pensioners and state, public, semi-public and private sector employees.
- Medium- and long-term loans to Small and Medium Enterprises.
- Factoring of receivables from the public administration.
As a result of the previous operations on the share capital, Banca Progetto has currently No. 910 shareholders. The majority shareholder, BPL Holdco S.à.r.l. - investment vehicle part of Oaktree Capital Group - holds 91.14% of the Bank share capital and the minority shareholders the remaining 8.86% altogether.
The tax legislation known as FATCA ("Foreign Account Tax Compliance Act"), issued on 18 March 2010 by the US government, stemmed from the intention to fight, with the co-operation of foreign intermediaries, the evasion of USA taxes perpetrated by US citizens or residents (natural or legal persons), investing into accounts held in non-US financial institutions. The legislation, in force since 28 January 2013 and applied in successive phases since 1st July 2014, requires all non-US financial intermediaries holding and who wish to continue holding financial relations with the United States on their own account and on account of third parties, to underwrite an agreement with the US tax authorities (Internal Revenue Service - IRS) in which they undertake to identify among their clients the names and movements of potential US tax evaders holding an account, relationship or deposit with them, and then inform the IRS. If the agreement is not underwritten, 30% of all payments to the intermediary with a US source received on its own account or on account of clients will be withheld.
Banca Progetto S.p.A. – Registered Office and General Management in Milan, Piazza Armando Diaz 1
Tax code, VAT number and Registration number in the Milan's Company Register 02261070136
Member of the Fondo Interbancario di Tutela dei Depositi (Interbank Deposit Protection Fund), the National Guarantee Fund and Banking and Financial Arbitrator (ABF)
Registered in the Banks' Register with No. 5332 - Code ABI 5015 - Share capital €8,540,685.37 fully paid up
As provided for in art. 6 of Decree MEF - MISE (Italian Ministry of Economy and Finance –Ministry of Economic Development) No. 57 of 20 February 2014, it is stated that, within the activities carried out by Banca Progetto S.p.A., no customer company, even if holding a Legality Rating, has requested the score received during the Bank's preliminary investigations and negotiation to be recognised and, therefore, this aspect has not affected the duration and/or costs of the preliminary investigations or the application of better economic conditions for the award of the funding.