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21/07/2022

ABANCA and Coren strengthen their collaboration and offer sustainable solutions to cooperative members

  • The bank and the cooperative from Ourense prepare a catalog of products and services tailored to this group, with a wide range of proposals to undertake investments
  • The two entities also create solutions to meet the most immediate needs, derived from the current economic situation

ABANCA and Coren give new impetus to their historic collaboration and renew the financial agreement between both entities. The focus of this text is once again cooperative members, who from now on will have attractive products and services adapted to their needs, both to cover day-to-day needs and to address investments that seek to improve their sustainability or profitability.

Details of the financial agreement

The text was signed at the Grupo Coren in Santa Cruz de Arrabaldo (Ourense), where the headquarters of the cooperative and its Poultry Processing Center are located . The vice president of the Coren Group, María Gómez-Franqueira, and the territorial director of the bank in Ourense, Rubén Saavedra, participated in the signing of the new agreement. The event was also attended by the director of ABANCA Agro, Jesús Combarro, and the director of Empresas de Ourense, Luis López; in addition to the general manager of Coren, Emilio Rial, and the financial manager of the cooperative, Jorge Vázquez. After the signing, representatives of the two entities held a meeting to analyze the future prospects of the sector and anticipate future needs.

Thanks to this agreement, cooperative members will be able to access better conditions in the contracting of products and services specifically designed to face the large investments associated with the transformation of their farms, especially in terms of sustainability and competitive improvement. For this, the bank has different options, which include very low interest rates, long repayment terms and the possibility of introducing deficiencies.

The professionals that join Coren will also be able to access other alternatives designed to meet the most pressing needs, in many cases derived from the current economic situation of rising prices of raw materials and energy. The agreement details the option of accessing investment financing under subsidized conditions to access Next Generation funds from the European Union. Also credit policies with terms that reduce formalization expenses, advances of subsidies, deferral of taxes, financing of agricultural insurance premiums, or guarantees, among others.

The bank also makes its experience with the primary sector in Galicia available to cooperative members, thanks to its specialized unit ABANCA Agro, which has a catalog of products adapted to your needs and specialized managers. In addition, they will be able to access the official financing formulas with various public bodies, such as SAECA, FEI, the SGR or the agreements with the Ministry of Rural Affairs with an interest subsidy on the PAC advance or the working capital financing line.

This signature occurs after the CEO of ABANCA, Francisco Botas , met with the president of Coren, Manuel Gómez-Franqueira, at the group’s facilities in Ourense last May, a meeting in which he was able to show the bank’s commitment to Coren, but also to the primary sector and the economy of Galicia.

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