News
13.10.2009
Australia. CBH secures A$1.5 billion in funding for harvest
The CBH Group announced on Oct. 12 that the company has secured roughly A$1.5 billion in funding to finance payments to growers for the coming harvest.
The mix of funding facilities will come from ANZ, Commonwealth Bank, HSBC Australia, National Australia Bank, Rabobank and Westpac, CBH said.
Dr. Andrew Crane, CBH Group chief executive officer, said it was a significant achievement to achieve funding of such a scale in an economic environment, which continues to be challenging.
"With prices significantly lower this season than last, we consider A$1.5 billion will give us the financial capacity to further build on our leading market share," he said. "Our ability to secure a$1.5 billion is a direct reflection of the CBH Group's financial strength and credibility."
Crane added that CBH's strong financial backing should provide growers with confidence and assurance that they will be paid for their grain when selling it to Grain Pool, CBH Group's marketing arm.
"This is one of the reasons why, last harvest, Grain Pool acquired more than 50% of Western Australia's grain for export — shipping grain to more than 50 customers and more than 30 export destinations across the world," Crane said. "Growers should take comfort that we are financed by six of the top 10 rated commercial banks in the world."
World Grain
