Bank Pekao launches new offer for farmers
May 13, 2014
Poland's number two bank Pekao has launched a new offer for farmers, including revolving loans tied to current accounts, working capital and investment loans, the bank said in its Q1 results presentation, calling the offer a "new strategic initiative."
The bank hopes to achieve an over 10% market share in the market of bank services for farmers within two years, CEO Luigi Lovaglio told reporters.
"Bank's presence in the farming sector is negligible, much lower than our share in other sectors," Lovaglio said. "Our ambition is to achieve market share that we see as natural for our bank, that is of above 10%. It's our goal for the next two years."
Pekao will create "a bank within a bank" to provide the offer, with local sales teams in regions with best growth prospects.
The offer will include overdraft, easier-access working capital loans for purchases of seeds, fodders and fertilizers, as well as easier-access investment loans and leasing for machines and equipment.
The project is spearheaded by Rafal Petsch, who oversees financial institutions and the public sector for Pekao.