Raiffeisen Bank has obtained the eligible status under the Commodity Credit Corporation –GSM 102 program run by the United States Department of Agriculture which helps feed grains importers from the US to obtain credit.
Importers and companies in soy processing sector can finance their acquisitions using letter of credits opened by Raiffeisen Bank. The maximum amount that can be allocated to the bank is $25 million with 3 year maturity.
The repayment is made depending on the commercial cycle of each business, the bank said in a release.
“Importers or companies in soy processing and of products derived from soy are eligible for the program, as the Romanian market is still at its infancy in this sector”, said the first deputy president of Raiffeisen Bank, Marinel Burduja (photo).
The Export Credit Guarantee Program run by US Department of Agriculture is designed to the acquisition of agricultural products (cereals, meat and other food products coming from the United States).
Raiffeisen Bank has 558 retail units and offers phone banking services (Raiffeisen Direct), mobile banking (myBanking), Internet banking (Raiffeisen Online). The bank’s customer base includes around 1.97 natural persons, 100,000 SMEs and over 6,800 large and medium companies.
Article comments "Raiffeisen Bank lends US agricultural importers"
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