Catalan Institute of Finance

Catalan Institute of Finance (ICF), founded in 1985, is a public financial institution 100% owned by the Government of Catalonia. ICF’s main objective is to foster the Catalan economy by supporting the country’s business base, complementing the role of the private financial sector. Projects are financed by means of loans, guarantees and venture capital investments. ICF funding needs are fully satisfied through its activity in domestic and international capital markets. The highest decision-making body of the Entity is the Governing Board. Currently the CEO is Josep-Ramon Sanromà Celma, the general director of Business Financing is Anna Álvarez Santiago, the general director of Corporative Business and Capital Markets is Joan Carles Rovira Garcia and the general director of Finance and Control is Christophe Canler. ICF is expected to become the first Catalan public bank in 2015. During the first semester of 2014, ICF facilitated loans and guarantees to 801 companies totalling 377 million euros.[1][2]

HQ of the Catalan Institute of Finance, placed in Barcelona

Functions

ICF’s main objective is to foster the Catalan economy by supporting the country’s business base, in particular SMEs and self-employed, complementing the role of the private financial sector. ICF finances projects via loans, guarantees and venture capital investments, among others.

  • Loans for companies: loans to fund projects of investment and/or current capital.
  • Loans for shareholders: loans to increase the company’s capital structure with the objective of reinforcing the overall financial structure and improving its solvency.
  • Guarantees: providing guarantees for bank loans in order to improve the credit access and conditions for the companies.
  • Venture capital investments and participative loans: impulse, manage and participate in venture capital instruments in order to support the creation and growth of companies.

Subsidiaries and investee company

The ICF Group includes two subsidiaries: IFEM (Financial Instruments for Innovative Companies) and ICF Capital. IFEM manages European funds addressed to funding companies of new creation and/or in their initial phases.

ICF Capital,(Managing Society of Entities of Venture Capital), manages, promotes and advises venture capital funds and firms, whether public or private, that invest in Catalan companies. Apart from ICF’s two wholly owned subsidiaries, the institute also has a stake (alongside other financial institutions and businesses) in Avalis de Catalunya, SGR. Avalis is a reciprocal guarantee company, a public-private venture set up by the Catalan Government in 2003, which provides access to credit by SMEs and self-employed by providing technical and economical guarantees for banks.

References
  1. Freixa, Elena. «L'ICF funcionarà com el banc públic català el 2015». Diari Ara, 474/2014 [Consulta: 7 abril 2014].
  2. Annual report 2013
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