02-Planeta_manchette_175x100
Allegrini 2018
WINE AND FINANCE

Banfi, with Unicredit an agreement to guarantee solidity to the territory and the production chain

Managing Director Viglierchio: “6 million euro ceiling, non-recourse credit from the supplier to Unicredit at the same conditions as Banfi”

The interweaving of finance and wine, in an economic moment as fragile as the one we are going through, is getting closer and closer. But it is not, as one might mistakenly think, a univocal relationship, in which the banking system takes the field to support companies. On the contrary, the company can become the pivot of a circular model, in which no one gains from it. Or rather, it benefits all the actors in the wine production chain and the territory, with the bank that, for once, is “limited” to acting as an intermediary. This is the case with the agreement between Unicredit and Banfi, one of the reference realities for all Brunello di Montalcino. At the center, there is a ceiling of 6 million euros, which UniCredit Factoring makes available to Banfi's suppliers, giving them the possibility of financing their working capital thanks to simple and immediate access to liquidity. Technically, it is called “confirming”, a service dedicated to the support and financing of companies working in the supply chain. The supply chain leader company uses a digital platform connected with payment systems to pay its suppliers, uploading the invoices it intends to settle at the due dates. Suppliers, in turn, can access the platform and view in real time the invoices that their client company has recognized and indicated it wants to pay. Using the platform, suppliers can also transfer invoices to UniCredit, obtaining payment in advance.
As Enrico Viglierchio, Banfi’s managing director, explains, “the product consists in the assignment of the credit without recourse by the supplier to Unicredit, under the same original conditions as those originally negotiated with Banfi, so as to optimize the supplier’s working capital and diversify the sources of financing thanks to the virtuous interaction of the parties involved and not by occupying its own credit lines”. And this is where the advantage for everyone comes into being, especially for suppliers, because, continues Viglierchio, “Banfi’s credit standing and rating are brought to a common factor, creating a competitive advantage for the entire supply chain and allowing suppliers to take advantage of credit conditions of absolute convenience, with savings in both interest and financial charges. The operation provides that after the invoice has been forwarded by the supplier, once approved by Banfi, it will be liquidated on demand by Unicredit in the current account of the same supplier, immediately debiting the discount at the conditions of the Confirming”.
In essence, as we said at the beginning, it is a rebalancing of the forces in the field in which the territory and the supply chain are the winners: on the one hand, in fact, the relationship of trust between the company and its suppliers is renewed and strengthened, on the other hand, liquidity and solidity are guaranteed to the many small businesses in the territory that has always worked with Banfi. Which, obviously, closes the circle.
“The regulation of the financial relationship, upon expiry of the invoice, will subsequently take place between Banfi and Unicredit - concludes Enrico Viglierchio - without involving the supplier in any way. The common effort with Unicredit has been to find the correct ways to use such a tool for the first time in the wine business, adapting it to the peculiar needs and typicality of our world”.

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