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Credit Agricole Bank to finance trading direction of Risoil Group

KYIV. Oct 12 (Interfax-Ukraine) – Credit Agricole Bank (Kyiv) has signed an agreement with the agro-industrial group Risoil S.A on financing the trading direction of its activities, since the grain trader needs significant working capital for the development of its trading company and the implementation of infrastructure projects, according to the website of the financial institution.

"This year, our trading company aimed to increase our volume of trade by 30% as a minimum. That is supported by a significant and for some crops even a record, yield. Given the rising price of agricultural products, more and more working capital is needed. That is why trade financing from our new partners will certainly help us in that regard," the bank said, citing director of Risoil Ukraine Dmytro Minov.

According to Credit Agricole, Risoil Group owns facilities for the simultaneous storage of more than 250,000 tonnes of grain and 150,000 tonnes of oilseeds, and is also building a two-sided deep-water pier and a cargo transshipment system at Chornomorsk seaport (Odesa region), the launch of which will simplify logistics and increase grain handling in the southern region.

Credit Agricole Bank (formerly Index-Bank) was established in 1993. Its sole shareholder is Credit Agricole S.A. (France).

According to the National Bank of Ukraine, as of June 1, 2021, Credit Agricole Bank ranked 11th in terms of total assets (UAH 52.724 billion) among 73 banks operating in the country.

Risoil S.A. Group of Companies was established in 2000 in Geneva (Switzerland). Its main directions are the provision of logistics for oil, bulk and general cargo in the ports of the Black Sea; sale and production of vegetable oils; trade in grain and oilseeds in containers; storage and processing of agricultural products.