Joint venture with
Indonesian bank
Developments in
Hong Kong
International activities took center
stage at annual General Meeting
Rabobank in
Brazil called
'Raibobank'
New name:
NedShip Bank
Rabobank Asia
Ltd. opened
Staff communication magazine
for the Rabobank Group
RABOBANK /N EuRoPe
lt was recently decided to
start negotiations in Indonesia
with the aim of reaching agree-
ment with an Indonesian bank
on the setting-up of a joint ven
ture. Last year the Indonesian
government simplified the pro
cedure for obtaining a banking
licence for foreign banks. It is
now permitted to set up a joint
venture bank with a local bank.
The foreign bank may have a
shareholding in and control of
the bank to a maximum of
85%. The International Division
hopes to come with definite
proposals at the end of the
year. Recent talks in Indonesia
indicate that a start can be
made on preparations for this
bank towards the end of the
current year and that it can be
operational in the course of
1990. Henk Adams, our repre-
,entative in Indonesia, expects
that our agricultural specializ-
ation and expertise in particu-
lar will do well in this market.
He has had a lot of contacts in
previous years with companies
involved in the processing of
agricultural products and with
numerous foreign companies
which are interested in the
Indonesian market.
issue 4/September 22,1989
On May 9th the Executive
Board decided to upgrade the
Representative Office in Hong
Kong to a full Branch. This de-
cision was confirmed by the
Board of Directors. The recent
irmoil in China which started
on the 4th of June in Tianan-
men Square was for our Execu
tive Board reason to postpone
the decision for the period of
one year.
At the recently-held General Meeting, Vlce-Chalrman of the
Executive Board of Rabobank Nederland, Henry Klarenbeek,
presented an absorbing paper on the objectives of the interna
tional activities of Rabobank. With this vldeo-alded presenta-
tlon, in which the foreign-based offices played an important
role both literally and figuratively, Klarenbeek called on the lo
cal Rabobanks to give more attention to the international poli-
cy. More Information on page 7.
Raibobank do Brasil Ltda.
This is the official name of our
office in Brazil. The 'i' in Raibo
bank is not a typing error. Why
this extra letter in the name?
In Portuguese the word 'rabo'
has a rather ambiguous mean-
ing. For instance, 'ele tomou
no rabo' is used when some-
one has not been particularly
successful in something. If
someone has not done his
work properly, then one says:
he has left a 'rabo' (tail) be-
hind. This was reason to con-
sider an alternative name,
one which resembles the origi-
nal name but which has no
negative ring to it. After exten-
sive research the name Raibo
bank do Brasil Ltda. was
chosen.
Nederlandse Scheepshypo-
theekbank (Netherlands Ship
Mortgage Bank). Dutch people
have no dlfficulties in pronounc-
Ing the name. Forelgners find
It a name that they slmply
can't get their tongue around.
The bank, which is a 100% sub-
sidiary of Rabobank, is doing
increasingly more business in
countries outside the Nether
lands. It has offices in Cura-
gao, New York and Piraeus
(Greece). This all was reason
enough for the management to
choose another name. As of
this summer the bank is called
NedShip Bank. The results of
the first half year were satisfac-
tory. The revival of most sectors
of ocean going shipping, which
started in 1987, continued dur
ing the first half of 1989. By
mid-year the loan portfolio
stood at Dfl 1,515 million, a
record for the Nedship Bank.
The gross result for the period
came to Dfl 13,882,000 as
compared to Dfl 10,036,000 for
the first half of 1988. The net
profit came to Dfl 4,801,000 as
compared to Dfl 3,036,000 for
the first half of 1988.
On the 18th of May, Rabo
bank Asia Ltd. was opened In
Singapore. This is the Group's
first merchant bank outside
the Netherlands.
Almost 100 investors visited
the Dutch Day, which was orga-
nized on May 17th, and were
addressed on the Dutch econ-
omy and capital market and
the activities of Rabobank Asia
Ltd. During a lunch meeting a
unique orchid was named the
Ascocenda Rabobank Asia.
Executive Board member Henry
Klarenbeek (right) receives the
official certificate that goes
with the orchid. The flower
symbolizes the creativity and
professional approach of the
Rabobank Group with its back
ground firmly rooted in the agri
cultural sector. The guests re-
ceived an orchid and a pair of
specially painted mini-clogs.