Expansion IN Poland through Single currency forum ACQUISITION WHAT'S NewS Issue 6 October 1995 The bank has made its first major invest- ment in Central Europe. We are to acquire a majority stake in the Polish agri-industrial Bank Rolno-Przemyslowy (BRP). Under the name Rabo-BRP Poland, the new operation aims to become the leading food and agri- bank on the domestic market and will also focus on the international market. BRP was established in 1993 following an initiative by the European Fund for the De- velopment of Polish Villages. This fund cur- rently holds 46 percent of share capital, with smaller stakes in the hands of the Polish-American Enterprise Fund and a number of domestic agencies operating in the agri-sector. The Polish bank has assets equivalent to around USD 30 million and employs 60 people. Rabobank will acquire its 51 percent majority shareholding through a new emission with an option to increase its share to 76 percent.BRP who did very well in its first year of operations has as its mission to finance the food- and agribusiness sectors in Poland,' says War- saw-based GM Henk Adams. 'So it was looking for an additional internationally established sharehold to support ongoing growth. In view of our reputation, I'd say we were a natural choice for them. The ac- quisition agreement, which was signed in September and is conditional on receiving a foreign-exchange licence from the central bank in Poland, means Rabobank will not only provide new share capital hut will also give full operational network and clients. Pd say these were essential preconditions for competing successfully on the Polish market,' Adams confirmed. 'We are also evaluating opportunities to provide tech- nical assistance to a number of selected re- gional and local cooperative banks through so-called "twinning" arrangements. The POOLSE ACQUISITIE Rabobank staat op het punt een meerderheidsbelang in de Poolse Bank Rolno-Przemyslowy (agri-industriebank) te verwerven. Om een meerderheid te kunnen verwerven in de in 1993 opgezette BRP is overeengekomen dat er nieuwe aandelen zullen worden uitgegeven. BRP is opgericht op initiatief van een Europees fonds dat momenteel 46 procent van de aandelen bezit. Ons aandeel zal 51 procent gaan bedragen met een mogelijkheid tot uitbreiding naar 76 procent. Ons aandeel wordt van kracht zodra als een vreemde valuta licentie is afgegeven door de Poolse Centrale Bank. aim here is to achieve a strategie alliance for providing banking services at local level to Rabobank clients active in Poland.' M TRIPLE-A WINNER This year's Triple-A Award for the best agri-deal goes to the team which put together the Amylum structured finance contract (see What's NewS, issue 5). Rabobankers in Belgium, London, France and the Netherlands worked on this ERF 350 million deal involving a zero coupon convertible bond issue with a 4.5 year tenor. Roger Delcroix of Rabobank Belgium accepted the award on behalf of the team. There were two other contenders -John Clark Sepulvéda's USD 25 million Cargill Brazil amor- tizing loan, which had to have special authorization from both the Dutch and Brazilian central banks. The other was the Purina capital transaction arranged by Larry Sidwell and Brian Klatt in Chicago with strong support from Brian James in London. Rabobank's Utrecht base was the venue for a top level discussion on the advan- tages, effects and possible scenarios for a single European currency. The bank had already agreed to host the EINEM annual forum, a meeting of the financial directors and treasures of major players in Dutch industry, when a request to organize a similar event came in from the European Commission. The EINEM meeting proved an ideal opportunity for Euro-commis- sioner Yves-Thibault de Silguy (photo) to get the single-currency message across. Over 300 guests and around 50 journalists heard De Silguy's presentation on the ad- vantages of a single currency for Europe. Essentially, he was speaking to the converted. Through the relatively small size of the Dutch market, most companies are obliged to seek growth in cross-border trade and currency fluctuations can play havoc with margins. A recent survey showed that over 60 percent of Dutch businesses want a single currency sooner rather than later. 'This is highly encourag- ing,'said De Silguy, 'hut it still means al- most 40 percent still have reservations.' He argued that banks have a major role to play in gaining acceptance for the concept and particularly where the general public is concerned. Rabobank's Herman Wijffels also emphasized the role of banks, both wholesale and retail, in achieving the single currency goal. A strong supporter of ■■I EMU IN UTRECHT De Euro-commissaris Yves-Thibault de Silguy was te gast bij Rabobank Neder land in Utrecht om de voordelen en moge lijke introductie scenario's voor een Euro pese eenheidsmunt uiteen te zetten. Zijn 300 toehoorders waren de leden van FINEM,de vereniging van financiële direc teuren van grote Nederlandse bedrijven. De Silguy was verheugd door het feit dat een recentelijk onderzoek heeft aange toond dat meer dan 60 procent van het Nederlandse bedrijfsleven voor een een heidsmunt is. Hij ziet de introductie daarvan dan ook liever eerder dan later. the 'Euro' as it may be known, he stressed the need for an orderly introduction of the single currency. 'To win public support fo^ the introduction, it is crucial that people believe it is strong and stable and will be supported by stability-oriented macroecon- omic policies,' he said. 'This will lead to more economie growth, higher incomes and more employment in the whole EMU- area. but achieving this awareness is a major challenge for both national and European authorities. They must also be aware that the creation of EMU is a one- shot chance. If this project slated for intro duction on January 1, 1996, fails, there will be no second chance.' Wijffels presented a banker's perpective on EMU and a single European currency. A copy is available from Marty Braggaar, telephone +31 (0)30 2162838.

Rabobank Bronnenarchief

blad 'What's news' (EN) | 1995 | | pagina 6