October 12 2012
FERRETTI GROUP: AGREEMENT SIGNED WITH INDUSTRIAL AND COMMERCIAL BANK OF CHINA
Forlì, 12 October 2012 - The Ferretti Group, a world leader in the design, construction and sale of motoryachts, encompassing a unique portfolio of some of the most exclusive and prestigious brands in the nautical world, announces the signing of a Memorandum of Understanding with Industrial and Commercial Bank of China (ICBC), the first Chinese credit institute and the major bank worldwide as for market capitalization. This agreement, beside guaranteeing to Ferretti Group a financial support to the medium-long term growth projects, envisages the start up of a strategic partnership which will allow to all the customers of the Group to take advantage of the ICBC guarantee in the purchase process of a new motoryachts. This agreement, the first of this kind ever signed in the nautical sector between an Italian company and a Chinese bank, is of major importance, since it represents the farsighted choice made by the Ferretti Group in setting a partnership with its new majority shareholder, Weichai Group, one of the main foreign investors in Italy. Weichai Group boosted this agreement, representing a fundamental guarantee of greater strengthening and stability in such a complex moment from the macro-economic and access to credit points of view. ICBC has already granted to the Ferretti Group more than 200 million euro credit lines.This recently signed agreement aims at further guarantee and support the growth of the Group, which can confirm its expansion projects at a global level thanks to the support of Wheichai and to its new financial soundness.