Italy: Monte Paschi opens to microcredit

Microcredito di Solidarietà Spa is ?born?, a newly established company which has among its shareholders Banca Mps, not for profit organizations and local institutions.

Its aim is to develop micro credit in the territory of the Siena province. Mario Marzocchi, ex chairman of the Fraternal Order of Misericordia, will be appointed as President of Microcredito di Solidarietà.

The new company will provide financing to individuals who are morally able to commit to a project of developing their potentials, in order to overpass temporary financial problems due to exceptional difficulties; Microcredito di Solidarietà Spa will also finance professional training to help disadvantaged people find a job.
Mps will supply the financing through its branches.

www.mps.it