Italy’s Credem has announced that it has subscribed to the ECB’s Targeted long term refinancing operation (TLTRO) from which it will receive €735m.
The Italian bank based in Emilia Romagna, north of Italy, has said that the ECB funds will be aimed at widening loans to its clients.
The bank claimed that the choice is part of its plans to support the real economy and to improve the life conditions of its client basis.
According to Bloomberg, banks in Italy and Spain have taken more than 45% of the ECB whole TLTRO budget, with banks like UniCredit and Intesa Sanpaolo receiving some €7.8bn and €4bn respectively.
Always looking at Bloomberg’s data, Banco Santander SA sought €3.6bn.