Presentation of the volume IL FINANZIAMENTO DELLE PICCOLE E MEDIE IMPRESE
Published by Credito Valtellinese Foundation

Brescia. Yesterday, the presentation of the volume Il finanziamento delle Piccole e Medie Imprese belonging to Credito Valtellinese Foundation socio-economic series took place at Brescia Chamber of Commerce. Professor Alberto Quadrio Curzio and Professor Marco Fortis from Milan's Università Cattolica and Giovanni De Censi (Credito Valtellinese Managing Director) spoke about the book.

After a brief introduction by Credito Valtellinese Foundation Chairman Francesco Guicciardi, Professor Quadrio Curzio focused on the importance of districts within Italy's economy, regarding growth innovations and the approach to international markets as their main advantages. Growth innovations are not revolutionary, nevertheless they occur constantly.

Along with such undeniable advantages, districts must face difficulties in financing small and medium-size companies. The main reason why the Italian economy has to cope with such problems is that families very often run small and medium-size companies. The corporate structure is little organized and the short-term indebtedness level is high. Moreover - says Quadrio Curzio - the family's self-interest very often interferes with the company, compromising the corporate transparency. The financial market is not developed enough even if small and medium-size companies are getting more interested in the Stock Exchange. Accessing the Italian stock market would benefit both small and medium size companies and the market. Marco Fortis provided an articulated, in-depth analysis of the situation pointing out that today Italy is the country with the greatest number of employees in small and medium-size companies. As regards Lombardy, in spite of difficulties small firms have there in setting up relationships with banks, Lombardy is the region where small and medium-size companies are most lively.

Giovanni De Censi focused in particular on the bank-enterprise relationship and on the role of house-bank that Credito Valtellinese and the Group member banks play. "Companies have their culture and cultures change and improve as they interact with each other. As a local bank, we share local cultures and we live and operate according to shared cultures, said De Censi illustrating Credito Valtellinese banking Group's style and philosophy. We take care of the language and communication and of the ability to listen to the companies and to meet with their needs. We deal with each customer "as if he were the only one". If big companies need big banks - he said finally - small and medium-size companies need banks that operate with high flexibility and are ready to listen to their clientele.

The convention ended with the speeches by Giovani Imprenditori Bresciani Association Chairman - Mr Medeghini - and by PMI bresciane Association (Brescia's small and medium-size companies) Chairman - Mr Pagnoni.