Vermeer - A CORPORATE VIEW Rabobank in brief V What's NewS Monthly internal neusletter for the Central Banking Sector issue3-March 1996 The Rabobank-sponsored Vermeer retrospective was already sold out when Queen Beatrix officially opened the exhibition at the Mauritshuis in The Hague. But senior executives from the bank's major Dutch corporate clients had no need to stand in line for elusive tickets. They were able to enjoy the great master's works at a special viewing arranged by the bank. Over 150 board members attended the private view hosted by bank chairman Herman Wijffels and Henk Visser. They had a unique opportunity to examine the 22 paintings which had also been exhibited at the Washington National Gallery. Similar events have been organized for corporates, institutional investors and clients of international offices. Luxembourg, London and Madrid have taken advantage of this special opportunity. Unfortunately, these private views are already oversubscribed. But if you want to enjoy the magie of Vermeer, the prize-winning exhibition catalogue is still available. contents 1995 - SATISFACTORY PERFORMANCE The figures are out on 1995 and the bank is 'satisfied' with the results. Consolidated balance-sheet growth is up 9.1 (6.3) percent to NLG 293.5 C69.1) billion. Group net "rofit for the reporting year rose by 11.1 (14.3) percent to NLG 1.427 (1.284) million. Rabobank Nederland's international wholesale activities (ie. CBS) were good for 37.5 (37.3) percent to the total. Lending rose 11.2 (13.6) percent and we contributed NLG 358 (194) million to the bottom line. Total Group income was lower than expected, rising by 5.7 (4.5) percent to NLG 8.609 (8.144) million. There are two factors here - one is deceleration in interest-rate profits, the other is a decline in commission income. The ■brmer grew only modestly ^ecause of partly the bank's policy of providing finance to local member Rabobank business borrowers at extremely competitive rates. Commission income was down due to the abolition of retail bank charges and a reduction in Europayment tariffs. But strong improvements were hooked in financial transaction results and off-balance activities. Operating expenses were considerably higher than in the previous year - 6.4 (2.8) percent. Personnel costs remain the bank's largest expense, increasing by 6.5 (0.1). However, this increase is also due in part to ongoing international expansion and to further investment in automation. DERIVATIVES TEAM IN POSITION Sophisticated derivative products require special handling. Although increasingly attractive to increasing numbers of corporates, indepth know-how is essential if they are to be used to best advantage. 'This is why we have set up a dedicated derivative sales team,' says Bart Anne Heenk. 'We have recruited four new specialists to join the existing two-person desk. From April 1, all derivative sales will be coordinated from that desk.' The complexity of the interest- rate derivatives handled by the new team - Swaps, FRAs, Caps, Floors, Swaptions, bond options and exotics - means generic sales teams do not usually have enough specialist knowledge to give clients the advice they need. 'By putting WHAT'S IN WHAT'S NEWS? Rotterdam refocus - restruc- turing for the future 3 Poland in the bank - Rabo BRP in action 4 CBS in development - how you can participate 6 Taking credit - we look at the credit allocation process 8 IT update - what's happening in information technology 10 Board in Latin America - building international relations 12 this team in place, we can market and service clients far more effectively than in the past.' Bart Anne Heenk

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blad 'What's news' (EN) | 1996 | | pagina 1