sace products guide

SOLUTIONS TO INSURE YOUR BUSINESSSACE products guide

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Every good idea brings great opportunities but also great risks. We can help you turn good ideas into con-crete projects, taking risks that others are not willing to: this is what makes us different.

SACE is an insurance-financial group that operates in the field of credit insurance, protection of investments, sureties and factoring. The group assists its clients in more than 180 countries, ensuring more stable cash flows and transforming companies’ risks of insolvency into development opportunities.

www.sace.it

Customer Care

+39 06 6736000

Credit insurance • export credit • investments protection • project & structured fi nance • fi nancial guarantees • surety bonds • construction risk • factoring

DRIVING YOUR AMBITIONS

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1

WHAT DO YOU NEED TO PROTECT YOUR BUSINESS?

Do you need to grant extended payment terms to your customers?

INSURANCE AGAINST NON-PAYMENT RISK ..........................................................................2

Would you like to offer financial solutions to your foreign customers?

PRODUCTS FOR BANKS THAT FINANCE YOUR CUSTOMERS ................................................5

Do you need guarantees to bid for contracts?

SURETY BONDS ...................................................................................................................6

Do you need credit to develop your business?

IMPROVE YOUR ACCESS TO CREDIT ....................................................................................8

Are you looking to invest in high-risk countries?

PROTECT YOUR INVESTMENTS ABROAD ............................................................................10

Are you an Italian public sector creditor?

CONVERT YOUR RECEIVABLES INTO CASH ........................................................................11

FIND OUT HOW WE CAN HELP YOU

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RISK➤ Non-payment

OPPORTUNITIES➤ Offer more competitive payment

terms

➤ Seize all the opportunities offered by foreign markets

YOUR NEEDDevelop your business without the risk of counterparty default

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PRODUCTS

INSURANCE AGAINST NON-PAYMENT RISK

* Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and USA.

Whatever your business, wherever your markets, whatever your payment terms and number of contracts, we have the right product for you. SUPPLIER CREDIT POLICY

Insurance cover for individual Italian export contracts against the non-payment risk due to political and commercial events with no credit limit. For single transactions with the Member States of European Union and some Countries which are members of the OECD* payment must be deferred for at least 24 months. No floor to tenor applies for transactions with other countries.For transactions involving bills of exchange the policy also envisages the discounting of insured credits without recourse by transferring the policy to the bank or other discounting financial intermediary. Policies are also available online for contracts of up to € 5 million: the standard Plus One policy and the simplified Basic policy for smaller contracts (up to € 500,000).

CLIENTSItalian enterprises (or their foreign affili-ates and subsidiaries) that export goods and supply services (including engineering, procurement, project management and con-struction services).

RISKS COVEREDNon-payment of credits extended to foreign buyers, due to political and/or commercial events. Risks in connection with performance of the contract (risk of contract cancella-tion, undue calling of bonds, destruction, damage, requisition and confiscation of temporarily exported goods) can also be included in the policy.

TENORUp to 8.5 years. Possibility of extending to 10 years, depending on the country.

THE BENEFITS1) For the exporter:• certainty of repayment and thus more

stable cash flows• improved cash position – the policy can

be transferred to discount the underlying credit without recourse.

2) For the buyer:• extended terms of payment • no need to use bank credit lines• more competitive interest rates.


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ONLINE PRODUCTS

PROTECT YOUR SALES AGAINST THE NON-PAYMENT RISK

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BASIC POLICYInsurance cover for single transactions of up to € 500,000 with non-OECD countries against the risk of non-payment of credits with payment deferred for up to 36 months. The policy is also available online at www.exportplus.it, for insur-ance cover in no time at all.

CLIENTSParticularly recommended for Italian SMEs (or their foreign affiliates and sub-sidiaries) that export goods and supply services (including engineering, procure-ment, project management and construction services).

RISKS COVEREDNon-payment of credits extended to foreign buyers, due to political or commercial events.

TENORUp to 36 months.

THE BENEFITS• Simplified procedure with fewer adminis-

trative formalities• Fast response times• Flexibility – insurance cover is automati-

cally adjusted in the event of changes in the commercial contract, within preset limits.

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PLUS ONE POLICYInsurance cover for single transactions of up to € 5 million with deferred payment terms up to 5 years. The policy is available directly online at www.exportplus.it.

CLIENTSItalian enterprises (or their foreign affili-ates and subsidiaries) that export goods and supply services or are engaged in research and projects abroad.

RISKS COVEREDNon-payment of credits and ancillary risks (failure to recover pre-shipment costs and undue calling of bonds).

TENORUp to 5 years.

THE BENEFITS• Reduced paperwork• Simplified procedures and faster response

times.

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MULTIEXPORT ONLINE POLICYThe product has been designed to satisfy the needs of Italian companies that repeat transactions with one or more foreign buyers, with deferred pay-ments for up to 12 months. The Multiexport Online Policy is available at www.sacebt.it, simply by filling in an online application form.

CLIENTSItalian companies that operate repeatedly towards one or a limited basket of foreign buyers/debtors (up to ten).

RISKS COVEREDIt covers either the combination of com-mercial and political risks, or just commercial risks. The Multiexport Online Policy covers the risk of losses due to unpaid receivables caused directly and exclusively by one or more commercial and political CGE (claim generating events).

PERCENTAGE OF COVERAGEIt covers all countries except those which are either closed or suspended, with different cover percentages. The policy covers up to 90% of the insured amount, in proportion to country risk groups.

MAXIMUM EXTENSION PERIODUp to 12 months.

POLICY VALIDITY PERIODOne year.

THE BENEFITS• Indemnity for loss in the event of non-

payment• Automatic online application procedure• Advance assessment of buyers’ solvency • Credit risk reduction • Credit management process support • Credit control optimization and adminis-

tration cost reduction • Outsourcing of debt collect action• Flexibility • Quick access to financial credit through:

- assignment of policy right of indemni-fication

- possibility to obtain advantageous condi-tions from the banking system.


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PRODUCTS

INSURANCE AGAINST NON-PAYMENT RISK

CIVIL WORKS POLICYInsurance cover for companies involved in civil works or supplying turnkey projects abroad against the risk of cancellation of the contract and/or non-payment during the period of works due to political and/or commercial events, with coverage for a maximum amount set by the policyholder.

CLIENTSItalian construction and plant engineer-ing companies (or their foreign affiliates and subsidiaries) that carry out civil works or supply turnkey projects involving progress payments or milestones.

RISKS COVERED• Non-payment of credits• Failure to recover pre-shipment costs • Undue calling of bonds• Destruction, damage, requisition and con-

fiscation of temporarily exported goods.

TENORAccording to the term of execution of the contract and terms of payment.

THE BENEFITS• Elimination of the financial risks associated

with the possible suspension/cancellation of the contract

• Better terms and conditions for the working capital loan by transferring the benefits of the policy to the lending bank.

WHOLE TURNOVER POLICYIt satisfies needs of companies wishing to insure their turnover achieved with foreign and domestic buyers with deferred payment of up to 12 months from contracts regarding the supply of goods and/or the performance of services.

CLIENTSCompanies operating with deferred pay-ments who wish to insure their entire turnover. It is possible to limit coverage to homogeneous risk classes without further selecting single buyers.

RISKS COVEREDThe Whole Turnover Policy covers the risk of losses due to unpaid receivables caused directly and exclusively by one or more com-mercial and political CGE (claim generating events). It covers either the combination of commercial and political risks, or just com-mercial risks.

PERCENTAGE OF COVERAGEIt covers all countries except those which are either closed or suspended, with different cover percentages. The policy covers up to 90% of the insured amount, in proportion to country risk groups.

MAXIMUM EXTENSION PERIODUp to 12 months.

POLICY VALIDITY PERIODOne year.

THE BENEFITS• Indemnity for loss in the event of non-

payment• Insurance of the entire Italian and for-

eign portfolio with possibility of tailoring coverage

• Advance assessment of buyers solvency • Credit risk reduction • Credit management process support • Credit control optimization and adminis-

tration cost reduction • Outsourcing of debt collect action• Flexibility • Quick access to financial credit through:

- assignment of policy right of indemni-fication

- possibility to obtain advantageous condi-tions from the banking system.


5

PRODUCTS

PRODUCTS FOR BANKS THAT FINANCE YOUR CUSTOMERS

BUYER CREDIT GUARANTEE /POLICYGuarantees loans granted by the bank to foreign buyers, both on a corporate and project finance basis, within the scope of transactions involving Italian companies (or their foreign affiliates and subsidiaries) as the exporter, investor or buyer.

CLIENTSItalian or foreign banks involved in financ-ing your business activities.

RISKS COVEREDNon-payment of credits due to political or commercial events.

TENORUp to 10 years. Possibility of extending to 10 years, depending on the Country. For project finance transactions, the repayment period may be extended to 14 years.

THE BENEFITS1) For the company:• certainty of payment• competitive edge by providing attractive

payment conditions to the foreign buyer

2) For the lending bank:• resources can be freed up for other uses• zero weighting of the risk guaranteed by

SACE, in calculating the capital charge under Basel agreements

• added value of joint assessment with SACE of the country and foreign borrower risk.

3) For the customers:• better credit terms with very attractive

financial packages in terms of tenor, costs and interest

• diversification of financial resources – bank credit lines are unaffected by the amount guaranteed by SACE.

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CONFIRMATION OF DOCUMENTARY LETTERS OF CREDITThis policy covers the importer’s bank against the risk of non-reimbursement by the foreign bank issuing the LC, in respect of payments due under international trade transactions. The insurance cover scheme is standard and easy. Insurance cover can also be acquired through a dedicated internet platform: www.exportplus.it, on the CreDoc Online section. In this case, terms and conditions of the insurance policy will be available in real-time.

CLIENTSItalian or international banks involved in documentary credit transactions tied to any export of Italian goods and services.

RISKS COVEREDNon-payment of documentary credits due to political or commercial events.

TENORLC with deferred payment conditions or LC at sight with post-financing up to 8 years, with the possibility of extension to 10 years.

THE BENEFITS1) For the company:• payment compliant with the terms set out

in the sale contract• competitive edge and possibility of nego-

tiating attractive medium/long-term payment conditions with the foreign buyer.

2) For the lending bank:• no need of countries and/or counterparts

limits • credit limits available for non trade-related

business• zero weighting criteria in compliance with

the equity provision regulations under Basel II agreements on the SACE insurance guaranteed portion.

EXPORT BANCAExport Banca is the scheme developed by SACE, Cassa Depositi e Prestiti (CDP) and the Italian Banking Association (ABI) to provide funding for exports, internationalisation and projects of stra-tegic importance for the Italian economy. Export Banca will provide funding to banks at competi-tive rates, with guaranteed benefits for the final beneficiary.


Bid for contracts knowing you have all the necessary cover to be able to guarantee execution of the projects.

RISK➤ Losing business opportunities due to

not having adequate guarantees

OPPORTUNITIES➤ Diversify your partners when issuing

guarantees

YOUR NEEDObtain contract guarantees requested by the developer

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PRODUCTS

SURETY BONDS

CONTRACTUAL GUARANTEES IN ITALY AND ABROAD• Bid Bond Guarantees that the awarded contractor will

honour its bid and sign all contract documents.

• Performance Bond Guarantees against the failure of the contractor

to meet the obligations pursuant to the contract.

• Advance Payment Bond Guarantees the recovery of sums paid in advance

to perform the contract in the event of failure of the contractor to meet its obligations.

• Maintenance Bond Guarantees that the contractor will carry out all

necessary corrections to defects discovered after completion of the works.

• Money Retention Bond Guarantees the recovery of the retention money

paid in advance to the contractor upon delivery at the relevant milestones.

• Guarantee To Cover Urbanisation Charges Guarantees fulfilment of obligations of perform-

ance according to the law.

THE BENEFITSThese instruments provide guarantees required to compete effectively for tenders both in Italy and abroad and to comply with legal and contractual obligations.

GUARANTEES FOR CUSTOMS DUTIES• Customs Duties Guarantee An essential tool for companies in the manufac-

turing, food, pharmaceuticals and raw materials processing sectors, enterprises that have fre-quent dealings with customs and those with bonded warehouses and storage facilities. These bonds guarantee temporary imports, customs warehousing and periodic and/or deferred pay-ments in case of continuous customs activities.

• Customs Bonds Used for temporary imports/exports of goods/

machinery under contracts abroad.

THE BENEFITSImproved financial management, avoiding the need to freeze funds to cover customs duties and enabling you to purchase goods at the most convenient prices, deferring the payment of customs duties until they are actually used.


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CONSTRUCTION RISK GUARANTEES• C.A.R. - Contractors’ All Risks For contractors engaged in a project in the con-

struction industry, it provides an “all risks” cover – every hazard not specifically excluded is cov-ered. Almost any sudden and unforeseen loss or damage occurring during the period of insur-ance to the property insured on the construction site will be indemnified. The policy even covers damage caused involuntarily to third parties (death or injury).

• C.A.R. - Contractors’ All Risks For Contracts Abroad

Comparable to the C.A.R. policy in Italy, it insures the contractor against material and direct damage to the works during construction or to pre-existing structures, caused for any reason, unless specifically excluded in the contract. The policy covers construction risks for works performed by Italian contractors abroad under Italian law or provides cover in accordance with local laws under fronting agreements.

• IDI - Decennial Liability Policy Covers materials and direct losses due to par-

tial or total collapse of the building or serious structural defects that undermine its stability. The policy also covers damage to third parties due to structural defects. The policy can be tailored for public and private works contracts.

• E.A.R. - Erection All Risks Covers all risks arising from the construction

and installation of machinery, plant and steel structures. It envisages specific rules regarding the execution and testing of plant and systems and extended cover to include design errors and faulty material or supplies.

THE BENEFITSThese policies provide the guarantees con-tractors need in order to ensure compliance with all legal obligations in bidding for con-tracts in Italy and abroad.

PRODUCTS

SURETY BONDS


RISK➤ Failure to optimise financial

management

OPPORTUNITIES➤ Diversify sources of access to credit➤ Free-up credit lines

YOUR NEEDImprove access to credit

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PRODUCTS

IMPROVE YOUR ACCESS TO CREDIT

SACE offers a range of products and services to make it easier for your company to have access to credit. Browse these pages to find the products best suited to your needs. WORKING CAPITAL GUARANTEE

This guarantee covers non-payment of loans grant-ed by banks to Italian companies (or their foreign affiliates and subsidiaries) for working capital needs arising from supplies to be exported or from the execution of civil works abroad.

CLIENTSItalian companies intending to sell goods and services abroad or execute works abroad, either directly or through their for-eign subsidiaries or affiliates.

POLICYHOLDERThe bank funding the company.

RISKS COVEREDCredit risk associated with non-repayment of the loan.

COVERUp to 80%.

TENORIn line with sale contract.

THE BENEFITS1) For the company:• the portion of the loan guaranteed by

SACE does not affect the borrower’s credit lines with the bank, thus allowing more financial flexibility

• no additional costs as SACE’s premium is included as a portion of the spread paid by the company to the bank.

2) For the lending bank:• the Italian or foreign bank financing your

company benefits from the guarantee provided by SACE so that a portion of the borrower’s approved credit line can be used for other purposes

• reduced risks, the bank shares the non payment risk of the borrower with SACE

• zero weighting of the risk guaranteed by SACE, when calculating the capital charge under Basel agreements.


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PRODUCTS

IMPROVE YOUR ACESS TO CREDIT

INVESTMENT GUARANTEEThis guarantee covers loans granted by banks to companies to finance foreign investments, or investments in Italy of strategic importance for the country (renewable energy sources, strategic infrastructure, research and development, etc.).

CLIENTSItalian enterprises and their foreign subsidiaries or affiliates planning to invest abroad (joint ventures, M&As, increases of capital in foreign enterpris-es or setting up of production facilities).Italian or foreign enterprises investing in projects in connection with renewable energy sources, strategic infrastructure or R&D in Italy, including project finance trans-actions.

POLICYHOLDERThe bank funding the company.

RISKS COVEREDCredit risk in the event of default on repay-ment of the loan.

COVERUp to 80%, defined on a case to case basis.

TENORIn line with the loan agreement.




2) For the lending bank:• the Italian or foreign bank financing the


• reduced risks the bank shares the non pay-ment risk of the borrower with SACE


INTERNATIONALISATION GUARANTEE FOR SMESTargeted at small and medium enterprises (SME), this guarantee supports companies wishing to expand their activities abroad and/or to enhance their commercial activities in new countries by covering loans granted by approved banks1 to support projects directly and indirectly connected with internationalisation.The Internationalisation Guarantee For Smes product is also available online at www.exportplus.it.

CLIENTSItalian SMEs (or their foreign affiliates and subsidiaries) with a turnover of up to € 250 million investing abroad either directly (joint ventures, M&As, partnerships) or indirectly, or involved in R&D. Also for investments to renew and upgrade plant and machinery, protect brands and patents, attend international trade fairs and for pro-motional activities.

POLICYHOLDERThe banks and lending institutions funding the company.

RISKS COVEREDCredit risk in the event of default on repay-ment of the loan.

COVERUp to 70% of the loan.

TENORFrom 3 to 7 years, assessed on a case to case basis.




2) For the lending bank:• the Italian or foreign bank financing the


• reduced risks, the bank shares the non- payment risk of the borrower with SACE


1 SACE has signed agreements with leading Italian banks and lending institutions and defined a maximum limit for loans granted to enterprises. The up-to-date list of approved banks is published on www.sace.it/bank


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PRODUCTS

PROTECT YOUR INVESTMENTS ABROAD

Expand your business abroad while leaving political risk at home.

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POLITICAL RISK INSURANCE POLICY (PRI)The policy protects overseas investments against political risks (e.g. expropriation, nationalisation, political violence, transfer restrictions) which may result in the loss of the invested capital or damage to assets. Applications for equity investments of up to € 5 million are available online at www.exportplus.it

CLIENTSItalian enterprises or banks setting up for-eign companies (either directly or through foreign subsidiaries) or acquiring a stake in existing foreign companies (even through a privatization process). Also available to Ital-ian companies making loans to their foreign subsidiaries.

RISKS COVERED• Total or partial loss of ownership rights as

well as the inability of the foreign company to carry on its activities (we cover the share-holder’s equity value held in the balance sheet of the insured)

• Total or partial loss of the ownership, damage or destruction of tangible assets.

• Total or partial loss of sums relating to the foreign investments (e.g. dividends)

caused by: - expropriation, nationalisation, confiscation - political violence events (civil unrest, war,

turmoil, sabotage) - transfer restrictions - breach of contract (with sovereign/state-

owned local counterparts).

TENORUp to 15 years

THE BENEFITS• Consolidate and expand business activi-

ties in high-potential markets, eliminating political risk factors from the overall risk of the investment

• Better terms and conditions for loans granted to the investors by transferring the benefits of the policy to the lending bank

• Better leverage on country lines and zero-risk weight (for banks lending to their foreign subsidiaries).


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PRODUCTS

CONVERT YOUR RECEIVABLES INTO CASH

TAX REFUND PAYMENT BONDS• VAT refunds An essential tool for economic operators with

VAT credits. Companies wishing to apply with tax authorities for advance refunds of VAT require this type of guarantee policy.

THE BENEFITSImproved financial management, avoiding the need to freeze funds in the medium term.

REVERSE FACTORING This solution is designed to facilitate payments by Italian public sector entities to their suppliers. This option is provided by the SACE’s factoring company, SACE Fct.

TARGET CLIENTS • Italian public sector entities wishing to

improve their terms of payment to sup-pliers

• Suppliers of goods and services to the Ital-ian public sector

STRUCTURE1) The Italian public sector and SACE Fct

stipulate a framework agreement cover-ing payment services in connection with credit for a supply of goods or services.

2) The supplier transfers its accounts receiv-able from the Italian public sector entity to SACE Fct on a without recourse basis.

3) The Italian public sector entity certifies the accounts receivable.

4) SACE Fct pays the supplier within the term set out in the contract.

5) The Italian public sector entity pays the amount due to SACE Fct at a later date.

THE BENEFITS 1) For the Italian public sector:• reduction of the potential financial cost of

late payment • extension of the range of potential suppliers • possible reduction of the unit purchase

price of the goods and services.

2) For the supplier:• certainty of when payment will be made• better administrative efficiency • improved sales opportunities • lower financial costs.

COVERSACE Fct purchases the accounts receivable on a without recourse basis and issues a guar-antee for up to the maximum amount agreed upon with the public sector customer.

RISK➤ Non-payment of credits by an Italian

public sector entity

YOUR NEEDTo develop your business without the risk of counterparty default

Find out about our products designed for Italian public sector creditors


Greenland

British VirginIslands

PuertoRico

Guadeloupe (FR.)

Aruba

Cayman Is.

Bermuda

Martinique (FR.)

Anguilla (U.K.)

Montserrat

Neth. Antilles

St. Helena

CUBA

COLOMBIA

PERU

BOLIVIA

CHILE

C A N A D A

MEXICO

BELIZE

HONDURAS

NICARAGUAEL SALVADOR

GUATEMALA

COSTARICA PANAMA

SURINAME

THEBAHAMAS

(U.K.)

THE GAMBIA

ZAM

ANGOLA

AFRICASOUTH

CENTRALAFRICAN REPUBLIC

N I G E R

LIBERIACAMEROON

GABON

EQUATORIAL GUINEA

GUINEAGUINEA-BISSAU

M A L IMAURITANIA

SENEGAL

CAPE VERDE

SWEDENFINLAND

FRANCE

SPAIN

EST.

LAT.

LITH.

ITALY

TUNISIA

MOROCCO

(NETH.)

(NETH.)

TRINIDAD ANDTOBAGO

DOMINICANREPUBLIC

JAMAICA

PARAGUAY

ICELAND

UNITEDKINGDOM

IRELAND

LIECH.

SWITZ.

LUX.CZECH REP.

SLOVAKIA

ROMANIA

ALB.

BELARUS

(DENMARK)

U K R A

MO

U N I T E D S T A T E S

ANDORRA

AUSTRIAHUNGARY

SERBIA

MONT. KOS.

CROATIASLOVENIA

B R A Z I L

A L G E R I AL I B Y A

BOS. - HER.

(U.K.)

(U.S.)

NIGERIA

(U.K.)

MALTA

NETH.

BELGIUM

DENMARK

GERMANY

ST. VINCENT ANDTHE GRENADINES

GRENADA

BARBADOS

ST. LUCIA

DOMINICA

ANTIGUA AND BARBUDAST. KITTS AND NEVIS

(ECUADOR)

BOTSWANA

NAMIBIA

ANGOLA(Cabinda)

BULGARIA

RUSSIA

GUYANA

URUGUAY

ECUADOR

BENIN

TOGOD'IVOIRE

CÔTE

SIERRALEONE

GREECE

MACEDONIA

BURKINAFASO

U. S.

ARGENTINA

PORTUGAL

LES

CHAD(U.K.)

VENEZUELAGHANA

R

HAITI

REP. OFTHE

CONGO

DEMOCRATICREPUBLIC

OF THE CONGO

SAO TOME AND PRINCIPE

(U.K.)

Kingston

GalapagosIslands

POLAND

São Paulo

Florence*

Lucca

Bari

Milan

Modena

Monza

Pesaro

Rome

Turin

Venice

Verona

NORWAY

SACE around th

SACE economic team analyses internationaleconomic trends and monitors global risks.

Main activities are:

[email protected] +39 06 6736440

OUR KNOW-HOW AT YOUR SERVICE

SACE TERMS OF COVER

SACE

Without conditions: norestrictions to SACE’s activity.

With conditions: SACE’s activity issubject to certain restrictions

requirements, and/or OECD’ssustainable lendingprinciples).

Case by case: SACE’s activity islimited to transactions with

(structured nance or projectance transactions, transactions

non-credit risks may be available.

O cover: no cover available due tocertain risks being deemed too high.

* Opening 2011

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MacauS.A.R.

Hong KongS.A.R.

PAPUANEW GUINEA

R U S S I A

C H I N A

SWAZILAND

ZIMBABWE

ZAMBIA

ANGOLA COMOROS

SEYCHELLES

TANZANIA

AFRICASOUTH

KENYAUGANDA

CENTRALAFRICAN REPUBLIC

YEMEN

ROON

BON

SWEDENFINLAND

EST.

LAT.

LITH.

Y

A

LAOS

JAPAN

PHILIPPINES

THAILAND

BANGLADESH

CAMBODIA

VIETNAM

TAIWAN

MALDIVES

SRILANKA

SINGAPORE

BRUNEI

M A L A Y S I A

I N D O N E S I A

TIMOR-LESTE

A U S T R A L I A

NORTH KOREA

CZECH REP.SLOVAKIA

ROMANIA

ALB.

BELARUS

SYRIACYPRUS

LEBANON

U K R A I N E

MOLDOVA

GEORGIA

AZERBAIJANARMENIA

IRAQAFGHANISTAN

PAKISTAN

AUSTRIAHUNGARY

SERBIA

MONT. KOS.

CROATIASLOVENIA

MYANMARI N D I A

NEPAL BHUTAN

T U R K E Y

L I B Y AE G Y P T

BOS. - HER.

MALTA

JORDANISRAEL

KUWAIT

BAHRAIN

QATAR UNITED ARABEMIRATES

OMAN

Y

M O N G O L I A

DJIBOUTI

BOTSWANA

NAMIBIA

TURKMENISTAN UZBEKISTAN

KYRGYZSTAN

TAJIKISTAN

A

BULGARIA

RUSSIA

SAUDIARABIA

ERITREA

SOUTHKOREA

GREECE

MACEDONIA

MAURITIUSMADAGASCAR

PALAU

LESOTHO

CHAD

( JAP

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S U D A N

RWANDA

BURUNDI

MALAWI

MOZAMBIQUE

ETHIOPIA

SOMALIA

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K A Z A K H S T A N

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KURILISLANDS

PARACELISLANDS

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YU

IS

LA

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POLAND

I R A N

Johannesburg

Mumbai*

Hong Kong

Moscow

Bucharest

Istanbul

TRAINING AND TECHNICAL ASSISTANCE

nd the world

itCorporate Social Responsibility

technical assistance to companies, banks and international organisations in

Training & Advisory service.


Customer Care

+39 06 6736000


[email protected]

RomePiazza Poli, 37/42 • 00187 Rome

Headquarters

Tel +39 06 67361 • Fax +39 06 6736225

In Italy

Baritel. +39 080 [email protected]

Luccatel. +39 0583 [email protected]

Milantel. +39 02 [email protected]

Modenatel. +39 059 [email protected]

Monzatel. +39 039 [email protected]

Pesarotel. +39 0721 [email protected]

Rometel. +39 06 [email protected]

Turintel. +39 011 [email protected]

Venicetel. +39 041 [email protected]

Veronatel. +39 045 [email protected]

Brazil, São Paulotel. +55 11 317 [email protected]

China, Hong Kongtel. +852 3620 [email protected]

India, Mumbaitel. +91 2436 [email protected]

Romania, Bucharesttel. +40 21 [email protected]

Russia, Moscowtel. +7 495 [email protected]

South Africa, Johannesburgtel. +27 11 [email protected]

Turkey, Istanbultel. +90 212 2458430/[email protected]

In the World

sace products guide

Documents

nonpayment risk

field of credit insurance

credit limit

indd cop2guida

indd cop1guida

insurancefinancial group

risk nonpaymentopportunities

competitive payment