c 1997 - our vision Rabobank in brief ƒ- International What's NewS Monthi.y internal newsletter for Rabobank International Issue 1 January 1997 'Rabobank sticks its neck out' is how one authoritative daily headlined its coverage of the now annual Vision statement from the bank. While successive Vision documents focus strongly on the Netherlands and its economie development - we are, after all, a Dutch bank with a huge market share in this country - a single economy can never be viewed in isolation. Referring to the present low interest rates in the Netherlands, bank chairman Herman Wijffels predicted ongoing low rates for the coming years. 'It would seem,' he said to a capacity audience in Utrecht last December, 'that the 1990s will be the decade of moderate growth and low interest rates - and that does not only apply to the Netherlands. We forecast that we will also see moderate growth this coming year in the US and in Germany. There is no real danger of inflation and that will keep rates down.' Herman Wijffels, Artbur Arnold and Wim Dik (KPN) present their vision on 1997 to some 500 representatives of major corporates. more on page 14) contents SPREADING THE RISK Though the signing ceremony was in Utrecht, and this latest scoop was very much an international co-production, Raibo do Brasil can add •nother first to its list since ecoming a full branch. This most recent 'first' was the agreement between Rabobank Nederland and the Bank of America on a so-called 'emerging market linked note insurance program'. A wordy title, hut the name says it all. 'These notes are like any other,' says Raibo's Willem Cramer, 'with one major difference. They are issued by us and agented by Bank of America to investors who will not only take on Rabobank Nederland's risk, but also Brazil's country risk. Hence the name 'emerging market linked'.' The funds generated •ill be used by Raibo to nance its lending and treasury activities. There are a number of advantages - the primary benefit to the bank is that the funds brought in by these programs are exempt from Dutch Central Bank country risk provisioning requirements. 'The beauty of this program is that the investor and not the bank takes the risk. There are, of course, also benefits for the investor buying the paper. He receives a higher return due to the premium paid for the Brazilian country risk.' This is the first time the bank has issued debt to fund its activities in emerging markets - because the structure is so innovative, we'11 refrain from going into detail. But if you would like to know more, contact either Haijo Dijkstra in Utrecht (+31 30 216 9495) or Dirceu de Miranda in Sao Paolo (+55 11 5505 2700). WHAT'S NEW IN THE NEW YEAR - FIND OUT IN THIS INFO-PACKED ISSUE OF WHAT'S NEWS Making a bank - the Budapest experience 4 Who's who - in network, development and support 6 Luxembourg special - private banking with a difference 7 Creative issues - placement power 11 AGCO - leasing for the US 13 Agri deal of the year - group effort 15 Talking heads - whatTeun de Boon Can Do... 16 Celebrating tbe success of the first emerging market linked note insurance program. F.l.t.r. Willem Nijboer, Boris van Been, Haijo Dijkstra, Daniël McQuoid, Freek Hoek, Teun de Boon, Rob Wiesman and Rens Dinkhuijsen.

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blad 'What's news' (EN) | 1997 | | pagina 1