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In 2020, we worked with 1,464 suppliers, for a total turnover of 107.59 million euros.

Our suppliers

In 2020, the Banca Generali Group engaged in dealings with 1,464 suppliers, generating a total value of 107.59 million euros, broken down into 98.57 million euros (91.64% of the total) referring to Italian suppliers and 9 million euros (8.36% of the total) to foreign suppliers.

Suppliers Number 1,464 1,767 1,529 1,483
Cost for suppliers 107,587 102,264 100,190 93,649

The supplier selection process and purchasing methods

While maintaining an autonomous procurement policy and bargaining position in dealings with suppliers, we follow the Generali Group’s principles. In selecting our suppliers, we adopt the principles of integrity, honesty, impartiality, transparency and apply criteria relating to the competitiveness and quality of the products and services offered.

The selection process is based on clear, well-defined and non-discriminatory procedures, through the exclusive use of objective, documentable and transparent parameters tied to the quality of the products and services offered.

We also promote fair and sustainable competition amongst our suppliers and adopt a balanced approach, avoiding the creation and maintenance of positions of economic dependency. We work only with suppliers who conduct their business in rigorous compliance with national and international laws and regulations, safeguarding human right and labour protection, and comply with the principles enshrined in the Code of Ethics adopted by the Bank.

To promote the spread of sustainable business models and reduce the impact we have on the environment through our supply chain, we favour suppliers with social responsibility policies and who offer products or services with better environmental performance (e.g. with certifications ecological products).

Methods of purchase

In selecting suppliers, we privilege Italian suppliers, and in particular companies able to supply goods and/or services throughout Italy.

We have issued a specific circular entitled “Purchasing Management” governing the procedures applicable to our procurement process. A special procedure is envisaged for related party transactions.

For all purchases over 40,000 euros excluding VAT, at least three qualified suppliers are involved in the selection process and their offers are examined so as to identify the most advantageous source in terms of total purchase cost, quality, delivery times and service performance.

In order to be included in the list of relevant suppliers (estimated activity exceeding 150 thousand euros per year), a specific qualification process has been defined. Relevant suppliers are required to commit to acting in accordance with the Generali Group’s policies on ethics, integrity, fairness, transparency, fair competition and protection of the confidentiality, as well as on occupational safety and environmental protection, as illustrated in detail in the Ethical Code for suppliers of the Generali Group.

Who are the suppliers that are excluded?

Suppliers in the following situations are excluded from qualification:

  • bankruptcy, compulsory liquidation, composition with creditors and all procedures aimed at securing an official declaration of such situations;
  • procedures for applying preventative measures or convictions of owners/top managers of the supplier;
  • cases of serious error or gross negligence, evidenced by the Generali Group in any manner and committed in the provision of previously awarded services or in the conduct of professional activity;
  • violation of tax obligations according to the laws of the country of residence and/or non-payment of the remuneration and social-security contributions of employees;
  • unhonoured payment obligations towards tax authorities and social-security agencies;
  • violations of the principles laid down in the Ethical Code for suppliers of the Generali Group and/or failure to meet the minimum sustainability requirements;
  • legal actions and/or judicial procedures initiated by the Supplier against the Generali Group;
  • all other conditions imposed by the Group and/or Local Compliance office.

Regular audits are performed on all suppliers in order to check compliance with the requirements. Moreover, we have insurance covers, as well as adequate contractual clauses covering damages caused by providers of infrastructure and services.

The goal of our work is to improve the lives of our customers, turning a promise into reality.