Banca Transilvania launches agricultural loan, plans to open units in rural areas

Romanian lender Banca Transilvania plans to open 15 new banking units in Romania this year, some of which in rural areas in the country, according to the bank's general manager Robert Rekkers. The bank has recently launched loans for the agricultural sector. The newly-launched type of loan comes with a maximum financing of RON 250,000 (around EUR 59,300) and covers up to 75 percent of the financing need of the agricultural project. These projects should be either to set up or maintain existing crops. The loan is granted for up to 12 months and the Rural Loan Guaranteeing Fund guarantees up to 80 percent of it. The annual interest for the loan is of 12 percent. The Romanian countryside is underserviced when it comes to banking outlets. The only bank units in some villages in the country are those of the CEC - Romanian Savings House, most of which date back from the communist period. editor@romania-insider.com