By Dieter Holger

 

UniCredit SpA (UCG.MI) said Thursday that it will expand its social-impact banking project beyond Italy this year to Central and Eastern Europe.

As part of the SIB project, the bank offers loans and support to initiatives and organizations that banks generally don't lend to, UniCredit said.

"SIB allows UniCredit to share its financial and business know-how through educational initiatives dedicated to micro-entrepreneurs, social enterprises and vulnerable or disadvantaged groups, including young people, the elderly and others at risk of social exclusion," it said.

The Italian bank said it has already approved 72.9 million euros ($82.7 million) through the project in Italy, including 31 impact financing loans totaling EUR32.6 million and 2,050 micro-financing loans of EUR40.3 million.

The project has disbursed EUR47.8 million in Italy to date, the bank said.

"Our Social Impact Banking initiative has achieved great results so far in Italy and we are now extending it to other markets with the same core purpose of looking beyond economic returns in our investments to achieve a tangible positive impact on society," said Chief Executive Jean Pierre Mustier.

The bank will also sell part of its art collection to generate EUR50 million, primarily for the project, though some pieces will be donated to local museums, UniCredit said.

 

Write to Dieter Holger at dieter.holger@dowjones.com; @dieterholger

 

(END) Dow Jones Newswires

February 21, 2019 07:15 ET (12:15 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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