PrivatBank approves first leasing under program with John Deere for Stavrovsky agricultural company
The Stavrovsky agricultural enterprise (Odesa region) will lease a John Deere S780 combine worth UAH 15 million at 2.2% per annum for five years, this is the first leasing agreement approved by PrivatBank (Kyiv) within the framework of a joint program for the preferential purchase of John Deere agricultural machinery on credit or leasing, the press service of PrivatBank reported on Friday.
"PrivatBank plans to become the main partner of John Deere in Ukraine," PrivatBank board member for small and medium-sized businesses (SMEs) Yevhen Zaihraev told Interfax-Ukraine on Friday.
He said that the financial institution has always actively cooperated with dealers of John Deere equipment.
"After the resumption of financing from the beginning of the war, namely from June 2022, we have already financed John Deere equipment for more than UAH 1 billion," Zaihraev said.
He believes that the recent signing of a partnership program with the U.S. manufacturer of agricultural machinery should double the state bank's current results for this brand.
The decision on leasing was made according to a simplified procedure with a minimum package of documents.
According to information on the John Deere website, currently its partners in credit and leasing cooperation in Ukraine are Raiffeisen Bank, ProCreditbank, Credit Agricole Bank, state-owned Oschadbank and OTP Leasing.
Earlier, Oschadbank, which signed a partnership agreement with John Deere Financial at the end of July, announced its intention to increase its share in credit sales of this company's agricultural machinery to 50% in the next marketing year.