Reading matters
Antwerp
Cultural
Capital
Fire proof
French/Dutch
banking
talk
Under Rabobank's Far-Eastern
umbrella
Singapore
in cigarette
deal
EXIM bills
operational
Sydney upgrade
Staff communication magazine
for the Rabobank Grouo
The new English-language
combined annual report/cor-
porate brochure has now rolled
off the presses. For the first
time ever, the report's format is
designed as a real marketing
tooi. See page 8 for more infor-
mation.
The foreign banches' treasury
managers will have the oppor-
tunity to see a different side of
the Antwerp office when they
visit the Belgian city on June
25. This year, Antwerp has
been designated European Cul
tural Capital and it has gone all
out to present both its artistic
heritage and economie vitality.
The Milan office, whose se-
cond floor was badly damaged
by fire over the New Year holi-
day, has now completed the
refurbishment of the offices
and the staff of the marketing
and credit department have
moved back in.
Last month in Paris, around
25 representatives of Crédit
Agricole and Rabobank - pri-
marily managers of members
banks and their French coun-
terparts, met for a seminar to
discuss strategies and devel-
opment of international banking
services. The seminar's aim
was to improve cooperation be-
tween the two strategie alliance
partners. Exchange of clients,
development of payment ser
vices and standardization of pro
cedures were high on the agenda.
The Far East is one of the most exciting financial regions in
the world. And Rabobank is there with a strong strategie pre-
sence in Singapore, Hong Kong and Indonesia. Three very dif
ferent offices, all with their own style and culture, and individ-
ual approach to their local and regional markets. Singapore and
Hong Kong are long-standing, sophisticated international bank
ing centres. Indonesia is a fast developing nation which intends
to play a role as one of the region's financial hubs. In our 'Foreign
office in focus' series, Raboband International talks to the
people on the spot. See page 3.
The Singapore office has
negotiated a major finance
deal with the Indonesian ciga
rette manufacturer PT Gun-
dang Garam.
'The deal is an offshore finance
of US$ 60 million,' says Singa-
pore's corporate banking chief
Raymond Koh. 'Rabobank is co-
underwriter with the Deutsche
Bank for US$ 15 million each,
and is building general syndi-
cation for the remaining US$
30 million.'
PT Gundang Garam is one of
the biggest producers of ciga-
rettes in Indonesia. It manufac-
tures no less than 58 billion
cigarettes annually and has a
44-percent share of its domes-
tic market.
The first module of a five-
point, multiple-branch system
of products and services
offered to LC clients has be-
come operational in New York,
Singapore and Utrecht.
The so-called EXIM bills project
is a unique inter-branch effort
to improve the bank's global
service to LC clients. Compris-
ing five modules - collections,
import LC, export LC, stand-bys
and reimbursement, the whole
system should be fully oper
ational by year-end. However,
the first phase, collections, has
already gone into service in the
three branches participating in
this pilot project.
'It's a unique project,' explains
VP-MIS Ed de Rosa of the New
York office, 'because in at-
tempting to come up with a
common system, we are
showing our clients Rabobank
is a truly global organization.'
The system is of particular im-
portance to New York and Singa
pore because Trade Finance
forms a large part of both of
fices' business. 'It certainly
generates a high percentage of
this office's revenue,' says De
Rosa, 'and Singapore's partici-
pation is due to its hub function
in that region. The offices se-
lected for the project were
those which use TF most and
which therefore had most ex
pertise in that particular field.'
The further development of the
system is on target and modules
will be introduced step-by-step
over the coming year.
The Sydney representative
office will become a so-called
'finance company' this sum-
mer. The decision to upgrade
was on May 10 following three
years of Rabobank activity in
the Australia capital.
'I think this is a logical next
step,' says liaison officer Sjaak
Verschoor. 'The operation there
has functioned primarily as a
sales office and has managed
to build up a sound cliënt base
in both New Zeaiand and Aus
tralia.' The rep office has devel-
oped a healthy portfolio in the
region which is home to some
big agri-clients. 'But if we are to
provide a comprehensive ser
vice to clients,' adds Verschoor,
'we need "finance company"
status in this area which is
so important in agribusiness
trade.'
