New bank combines banking and farming expertise
AgriBank, a specialist lender to UK farmers and high rate interest payor to UK savers, launched into the market today. AgriBank will lend exclusively to UK farmers and agribusinesses, providing highly competitive, tailored packages to finance agricultural machinery and equipment. AgriBank will also target savers with a range of fixed-term, low-risk, saver bonds, offering interest rates that are currently up to 3.6%.
AgriBank’s owner, Frank Sekula, has a unique combination of banking and farming background.
Frank Sekula, founder, has been involved in financial services for over twenty years whilst working for a number of financial institutions in the UK, including Barclays (where he was Head of High Yield Capital Markets from 1998 to 2003) and Jefferies (where he was Head of Recapitalisation and Restructuring). Frank’s family farm is an arable farm in the Cotswolds.
Frank Sekula, AgriBank Founder says: “UK farm borrowing rose by almost 9% last year according to the latest Bank of England figures, but farmers face a number of issues financing the purchase of machinery and equipment because many banks have reduced their allocation of capital to the sector. Farming has always been an important component of British culture, preserving and cultivating rural communities. UK farmers need help to invest in mission-critical machinery and equipment to stay at the forefront of their industry, and demand for finance currently outstrips supply. AgriBank was created to help fill this void, enabling UK farmers to grow their businesses.”
He added: “UK agribusiness is at the centre of our activities because we know the sector well and it’s relatively low risk. Our aim is to offer savers more competitive rates than are currently offered by banks by focussing solely on the sector that we know best and being very efficient at delivering our services.”
Notes for editors:
- AgriBank has been approved as a credit institution and is regulated by the Malta Financial Services Authority (www.mfsa.com.mt).
- AgriBank is able to provide banking services also in the UK pursuant to its EU passporting rights after notifying the PRA (http://www.bankofengland.co.uk/pra).
- AgriBank lends exclusively to UK farmers seeking finance for machinery and equipment. This sector has always been low-risk relative to other sectors in the UK economy.
- Loan products take the form of financial leases, hire purchase agreements and secured loans for terms of up to five years.
- AgriBank’s Fixed Rate Savings Accounts are protected by the Malta Depositor Compensation Scheme.
For further information please contact:
0845 521 2700
07771 713 608
AgriBank’s Fixed Rate Savings Accounts are protected by the Malta Depositor Compensation Scheme.