People
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Rabobank Group 1988
results satisfactory
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Rabobank all over the world
Issue 3/April 5, 1989
International Dlvision
Rik van Slingelandt joined Rabobank
Nederland as of February 1, 1989. He has
been appointed Deputy General Manager
of the International Division. Before joining
Rabobank, Rik was Rnancial Manager with
Rodamco (part of Robeco Group), a major
Dutch Real Estate Investment Fund.
Frans van Bijsterveld became part of
the Management Team of the International
Division
Hans Hannaart went to New York in
March. He has been appointed Deputy
General Manager of the New York Branch.
Bernard Wentrup joined the Foreign Of
fices Department as a Senior Liaison Offi-
cer. Before joining the FOD, Bernard was
Manager of the International Division's
Credit Department.
The new Manager of the Credit Depart
ment is Piejo Bruijn.
Rabobank Asia Ltd
Frederik Hoek has been appointed Man-
The level of activities, volume of busi
ness and result of the Rabobank
Group grew substantially more in
1988 than they did in 1987. Net profit
went up by more than 12 (1987: 1)% to
DFL 778 (692) million. Profit before provi-
sion and taxes grew more than 12 (7)% to
DFL 1,670 (DFL 1,487) million. This was
the result of an increase in income (+7%)
considerably higher than in previous years
and of a restricted rise in expenses (+4%).
In line with the growth in lending the addi-
tion to the provision for general contingen-
cies rose from DFL 477 to DFL 525 mil
lion. Taxes increased from DFL 316 to
DFL 367 million. Total outstanding loans
to the private sector were up by more than
7% (6%) to DFL 106.5 (DFL 99.3) billion.
Lending conditions were buoyant both at
home and at the 22 offices abroad.
Aggregate funds entrusted and borrow-
ings went up in 1988 by 8 (5)% to DFL
117.0 (108.2) billion. Consolidated total
assets rose to DFL 161.6 (145.5) billion,
11% more than at the end of 1987. Includ-
ing interbanking business, investment in
assets abroad grew to 24 (21)% of the
Bank's total assets. The increase in the
level of activities and the moderate rise in
expenses are cause for satisfaction.
Prospects Loans and advances, the
core business of the Rabobank Group, are
expected to grow in 1989 at nearly the
same high level as in the past year. At the
same time Rabobank is banking on a more
convincing recovery in savings than in
1988. It is also counting on further expan-
sion in service activities, and moderately
higher expenses. Barring unforeseen de-
velopments in the rates of interest, these
circumstances appear to make it possible
for results further to improve in 1989.
Income Total income increased to
aging Director of Rabobank Asia Ltd. in
Singapore. Freek worked for the NMB-Bank
from 1986, but before that he had already
worked seven years for Rabobank.
New York
Robert W. Mitchell will be the Manager
of the Loan Production Office in San Fran-
cisco.
ADCA-BANK AG
Ton van Acken joined ADCA-BANK as Ac
count Manager with the Stuttgart Branch.
In Hamburg Hans Winkelmolen joined
ADCA-BANK as Junior Account Manager.
Anno Galema joined ADCA-BANK in Han-
nover as Junior Account Manager.
Curagao
Tat La Porte has been appointed Man-
aging Director of Rabobank Curagao NV.
Jan van Dommelen and Jan van Hunen will
return to Utrecht to take up positions
there.
Milan/ltaly
Jan Scherphof, former General Manager
of the Rabobank in Gorssel, the Nether-
lands, is going to be our Representative in
Milan. He expects to open the office early
June.
DFL 4.8 (4.5) billion. The relentless pres-
sure on interest margins could be more
than compensated by volume growth in in-
terest-earning operations. Net interest was
accordingly higher by 4% to reach DFL 3.9
(3.8) billion. Commission income rose by
nearly 12% to DFL 710 (635) million. Ow-
ing to fair price gains in securities and for
eign exchange dealings in particular, other
income went up substantially to DFL 202
(130) million.
Expenses Total expenses amounted
to DFL 3.2 (3.0) billion. This rise could be
checked, among other things, by a further
slow-down in growth of the total workforce.
The total number of people employed by
Rabobank went up by 554 (679) to
33,200 (32,646). More than 600 of these
are employed at the offices abroad.
Loans and advances The more than
7% growth in loans and advances to the
private sector came about through increas-
es in the sectors trade, industry and ser
vices by 8%, agriculture by 6% and private
individuals by 7%. The total amount of new
loans and advances to the agricultural sec
tor reached new records.
Funds entrusted Funds entrusted to
the Rabobank Group were affected by the
after-effects of the duty, imposed on
banks, to report interest paid to cus-
tomers to the tax authorities on the one
hand, and by high corporate liquidity on the
other. While growth in aggregate funds en
trusted was at the expected level, the same
could certainly not be said of its constituent
parts. Growth in savings, whose expecta-
tions had not been set excessively high as
it was, lagged behind. And within the total
volume of aggregate funds amounting to
DFL 117.0 (108.2) billion there was a fur
ther shift away from long-term in favour of
short-term funds.
INTERNATIONAL
Editorlal staff
Stan Polman and Thea Mutsaers-Fibbe
(Editorial Department)
Anton Nillesen and Cees van Rest
(International Division)
Editorlal address
Rabobank Nederland
P.O. Box 17100
3500 HG Utrecht
The Netherlands
Tel (030) 902811/902835
Fax (030) 902845
Correspondents
Henk Adams (Indonesia), Ellen Boon
(London), Otmar Heinz (Germany) Jan van
Hunen (Curacao), Raymond Koh (Singapore),
André Bar (Paris), Sjouke Postma (Hong
Kong), Karl Stoops (Antwerp), Mia van de Ven
(New York), Teun de Boon (Brazil), Jan Scher
phof (Italy), Ad van Hienen (Luxembourg),
Hoyte Sillevis Smitt (Switzerland) and Frans
van het Schip (De Lage Landen).
Designed and prlnted by
Hoonte Holland, Utrecht
Translation
Rabobank Nederland Translation
Department
Branches:
Antwerp/Belgium
London/Great Britain
New York/USA
Singapore/Republic of Singapore
Representative Offices:
Dallas/USA
Hong Kong
Jakarta/lndonesia
Paris/France
Sao Paulo/Brazil
Subsidiaries:
Rabobank Curagao NV
Willemstad/Curagao, Netherlands Antilles
Rabobank Luxembourg SA
Luxembourg
Rabolnvest Management AG
Zurich/Switzerland
Rabobank Asia Ltd.
Singapore
Nederlandse Scheepshypotheekbank NV
Piraeus/Greece, New York/USA, Curaga-
o/Netherlands Antilles
ADCA-BANK AG/Federal Republic of Germany
Head Office: Frankfurt am Main. Branches in:
Berlin, Dusseldorf, Frankfurt am Main, Ham
burg, Hannover, Munich and Stuttgart.
In the near future offices will be opened in
Sydney/Australia, Madrid/Spain, Milan/ltaly
and San Francisco/US. Hong Kong will be up-
graded to a branch.