EximBank closes a new financing agreement with Agricover Credit

Bucharest, April 20, 2015 – EximBank and Agricover Credit, the first non banking financial institution specialized exclusively in financing the agriculture have agreed on concluding a new loan amounting at 100 Million Lei (more than 22 Million Euro) in order to ensure the necessary resources for developing new products and financial services for Romanian farmers.

”Our collaboration with Agricover Credit proves the EximBank’s capacity of playing a significant part in supporting the projects aiming at rising the competitively level in agriculture. Agriculture remains a strategic field that offers important opportunities for developing solid businesses and our partnership with Agricover Credit allowed us to get involved in supporting them by the indirect financing of more than 400 local farmers. We do believe that the expansion of our cooperation that efficiently combines the technic competencies of EximBank withAgricover expertise will be contributing consistently to the consolidation of Romanian agri-business”, said Traian Halalai, President of EximBank.

EximBank and Agricover Credit have closed the first financing agreement in 2013, the bank granting a loan to the company amounting at 70 Million Lei (more than 15.5 Million Euro).

Knowing and understanding the agricultural business allow Agricover Credit to develop a large range of innovative products aiming at satisfying the real needs of its clients and at increasing their performance. Agricover Credit intends to consolidate its positioning as the main player on agro-finance field, one of the strategic directions being represented by attracting the financial resources from local and international banks so that it will increase the total volume of the granted loans.

”Agricover Credit has developed strongly during the last years and the increase registered in 2014 confirms the solidity of our business model that satisfies the market’s financing needs. We intend to keep the fast development trend this year to increase our clients’ portfolio and the partnership with EximBank helps us to reach these objectives and to offer to the farmers adjusted financial products able to efficiently support their development. We are really interested in playing an active part in financing European projects as well in the near future”, declared Robert Rekkers, General Manager of Agricover Credit.

About EximBank
EximBank is a specialized institution whose threefold product portfolio focused on financing, guarantees and insurance, enables it to grant assistance to current activities and development of exporters, SME-s and companies involved in projects pertaining to key economic sectors. EximBank has registered in 2014 a net profit of 46,6 Million Lei (10.5 Million Euro appx.) and increased its total exposure at 4.7 Billion Lei last year as compared to 4.5 Billion Lei in 2013. In 2014, the bank has registered an operational profit amounting at 121 Million Lei, 50% higher than in 2013, the final result being affected by the risk cost of 67 Million Lei. During thelast two years the bank has implemented a vast modernization modernizing process that has focused on re-defining and increasing efficiency of the operational flows, significant improvement of the products and services portfolio (treasury, trade finance, factoring and cash management) as well as on the expansion of the network by 9 units.

About Agricover Credit IFN
Agricover Credit IFN is the first Romanian financial institution specialized in financing the agricultural sector. The company offers to the farmers in vegetal and zootechnic sectors both financing for working capital on short term and investments loans for medium term. Agricover Credit has granted last year a total volume of 837 Millions Lei (188.5 Millions Euro) in loans, 30% higher than last year and registered net profits of 16.5 Million Lei, 37% higher than in 2013. Agricover Credit has registered operational profits amounting at 21.9 Million Lei, 37% higher than in 2013. Own capitals have increased by 18% reaching almost 109 Million Lei and the rate of capital adequacy as per NBR norms is 25%. In 2015, Agricover Credit aims at developing its products’ portfolio for the working capital loans with on spot approval and investments’ credits segments.
Details: www.agricover.ro