Bank of Ireland says it plans to beef up its agricultural business development team as it expects there will be significant increase in demand for finance from this sector.

The bank is appointing 15 new agribusiness managers across its network, with all positions expected to be filled by the end of the year. The expanded team will be charged with recruiting new agribusiness customers as the bank seeks to grow its share of the market.

“Our lending figures to the agri-sector in the first half of this year attest to the continuing increase in demand for credit from this very important sector of the economy,” said Seán Farrell, head of agriculture at Bank of Ireland’s business banking division. Loan approvals in the first half of 2014 have increased by 16 per cent compared to the same period last year, he added.

“We are currently approving funding for the purchase of over 400 acres of land per week.”