WEST PERTH, AUSTRALIA — CBH Grain is well placed to finance payments to growers this harvest, with more than A$1 billion in funding available to finance the 2010-11 crop, the company said on Sept. 24. The funding facilities are pooled from ANZ, Commonwealth Bank, HSBC Australia, National Australia Bank and Westpac.
CBH Grain General Manager Brian Mumme said this gives CBH Grain the financial capacity to further build on its market share this season.
"To have funding of this scale available reflects the strength of the CBH Group as a business," Mumme said. "Our strong financial backing provides growers with confidence and assurance, knowing that they will be paid when they market their grain with CBH Grain.
"With a significant number of new entrants in the Australian grain marketing arena, security of payment is becoming an increasingly important factor for growers when considering their grain marketing options as not all grain marketers have the same strong balance sheet."
Mumme said the CBH Group’s prudent management of its financial systems and processes was recognized last week when CBH was nominated as a finalist in the Risk Management category of this year’s NAB Agribusiness Awards for Excellence.
"As a grower-owned business, we pride ourselves in mitigating any risk for our growers — whether it be financial, compliance, operational or strategic risks," he said. "Being selected as a finalist for the Risk Management Award demonstrates the thorough processes and systems CBH has in place to ensure we fully assess, realize and successfully manage all risks facing the business."
Winners in the NAB Agribusiness Awards will be announced on Oct. 28 at a gala dinner in Melbourne. The CBH Group was selected as a finalist in the awards in the same month as being named Australia’s No.1 Co-operative in the Top 100 Co-operatives, Credit Unions and Mutuals list released by Co-operatives Australia earlier this month.