Ferretti Group signs financing deal with Chinese bankPosted on Written by Michael LaBella
The Ferretti Group is partnering with the Industrial and Commercial Bank of China, the first Chinese credit institute and a worldwide player for market capitalization, and has already secured more than 200 million euros in credit lines from the bank.
A memorandum of understanding between Ferretti and the bank envisions a strategic partnership that will enable Ferretti customers to take advantage of an ICBC guarantee in the purchase of a new motoryacht, according to a statement. It also guarantees the Ferretti Group financial support for medium- to long-term growth projects.
The agreement strengthens Ferretti’s partnership with its new Chinese majority shareholder, Weichai Group — a major foreign investor in Italy, the release said. Weichai Group boosted the agreement, representing a guarantee of strength and stability for Ferretti in complex times from the point of view of macroeconomics and access to credit, the statement said.
The recently signed agreement further supports the group’s growth and “can confirm its expansion projects at a global level, thanks to the support of Weichai and to its new financial soundness,” the release said.
Shandong Heavy Industry Group-Weichai Group announced Jan. 10 that it reached agreements with the major creditors of the Ferretti Group to acquire a controlling interest in Ferretti by participating in the motoryacht builder’s debt restructuring.