Agribank to launch first product on February 4

Agribank, a new, Malta-based lender targeting agricultural and rural businesses in the UK, will launch its first product through British comparison websites on February 4, according to chief executive Roderick Psaila. The bank, headquartered at Skyparks Business Centre in Gudja, was licensed to provide banking services by the Malta Financial Services Authority last year, and granted a passport to conduct banking services in the UK by the Financial Services Authority. Agribank will match its sterling-denominated secure lending book with sterling-denominated fixed-term funding products. Its mission is to offer advantageous terms to UK agribusinesses seeking financing for machinery and equipment. On the other hand, its offering to depositors is designed to be uncomplicated and will consist solely of fixed-rate deposit products with three- to five-year terms. They are referred to as bonds in the UK. In the short term, the bank plans to offer similar deposit opportunities in sterling for Maltese customers. Further along, its portfolio will include financing options for green energy projects. “The business model is very straightforward,” Mr Psaila told The Sunday Times. “Lending...