Treasury in Brazil
0*
'We're very excited about the
Robeco deal - it gives us a lot
more credibility in a lot more
markets,' Chris Hayes,
Rabobank Singapore.
4
international expansion
Wijffels -
buying a
strategie
opportunity.
financial services are rapidly becoming
more international and new distribution
methods are emerging. This new
cooperation should also be seen against
ongoing economie unification in
Europe and projected monetary union,
which will impact the financial services
sector.'
STRATEGIC OPPORTUNITY
Rabobank is the first to admit that it was
a rather late entrant into the asset
management stakes. 'We needed a centre
of expertise in the field of asset
management through which we can offer
high-quality products and services to both
national and international clients,' says
Wijffels. 'In fact, you could say that
through this acquisition, we're also buying
a strategie opportunity.' Robeco is an
important brand name in - especially
European - investments. 'You should also
see it in terms of an expansion of our
existing 'Allfinanz' product range,' he
adds. Robeco uses direct marketing for its
products and this will open up potential
distribution channels for, for example,
Interpolis' insurance products. These are
essentially fringe benefits. The bottom line
for the bank is that it would be
exceedingly difficult to catch up on the
competition in the field of asset
management without an acquisition of
this kind and reputation.
OPEN MARRIAGE
Clearly, both parties bring real advantages
for the other. The perfect marriage touted
in numerous financial headlines is
certainly not far-fetched. There is little
overlap in activities. Cross-selling
opportunities are self-evident - investors
with Robeco could be potential clients for
What's NewS Issue 7 July 1996
other financial deals put together by the
bank. Sale and lease-back, derivatives,
M&A, issues - all are products that could
be interesting for Robeco institutional and
corporate clients. But both parties are
equally keen to stress that Robeco will
remain independent. 'We will become a
full subsidiary of Rabobank,' says
Korteweg, 'but we hope to develop a
modern, networked, non-hierarchical
relationship, while retaining autonomy
over international management.' This
autonomy will be monitored and
safeguarded through the appointment of
Korteweg -
anything
less than
NLG 100
billion and
you re
under
pressure.
an independent Supervisory Board.
Elowever, Wijffels also stresses that
important strategie decisions, such as
investments and further acquisitions, will
have to be approved by the bank.
ACQUISITIE ROBECO
Het bericht over de 50%
deelneming in Robeco is
zowel binnen als buiten
de bank goed ontvangen. Het is een
welkome aanvulling op onze
dienstverlening aan (inter)nationale
cliënten. Overlappingen zijn er nauwelijks,
en de kansen zijn groot. Robeco zal
zelfstandig blijven werken. Wel is bij
belangrijke strategische beslissingen,zoals
investeringen en acquisities de
toestemming van de bank nodig. De
kapitaalsverhoging van NLG 1 miljard door
de Rabobank zal gebruikt worden voor de
acquisitie van andere vermogens-
beheerders. Op deze wijze kan de huidige
positie worden uitgebouwd.
May 9 marked the launch of fully-fledged treasury operations in the
network's youngest branch. But the ceremonial opening was more than mere
ceremony. Along with Henk Visser, a number of clients were present who
had already closed pre-finance agreements with the bank - among them was
Ivo Hering, chairman of Latin America's largest soya exporter, Ceval. Says
treasurer Dirceu de Miranda: 'We're really glad we can finally get going.
Both the chief forex trader, Paulo Werneck and I are eager to show the
market what we can do here.' In the first phase of activity, the treasury will
be operating purely on a 'matched' basis, taking no positions. 'After we have
further refined our systems and phase one is running smoothly, we will start
taking modest positions,' De Miranda says. 'But our treasury is and will f
continue to be a client-driven solution provider.'
Raibo ready for business - f.l.t.r. Leonardo Barone (trainee), Paulo Werneck
(chief dealer, forexand Dirceu de Miranda (head of treasury).
