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Ex-Barclays high yield boss launches bank for hard pressed farmers
by Dylan Lobo on Feb 18, 2013 at 12:27
Sekula underlined the rationale for the launch: '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.'
AgriBank holds a European banking licence issued by the Malta Financial Services Authority (MFSA) and has been approved to offer banking services in the UK by the FSA.
Malta will be the home for the bank's head office and will be run by former Central Bank of Malta member Roderick Psaila and ex KPMG employee Paul Grech, who will serve as chief financial officer.
AgriBank’s non-executive directors include the ex-director of the Central Bank of Malta Joe Borg, who will serve as chairman and Victor Rizzo Giusti, who has 35 years’ experience with Barclays, HSBC, Lombard and Volksbank.
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As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
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