Charting progress european financial g merger Surfers at work Initially, the marriage between Rl and DG was conceived as a joint venture created following a phased integration, with pre-established goals and milestones. In practice, it will now be approached in a highly organic fashion. Here follows an overview of steps that will be taken. Critical cornerstones Single bank Early implementation DG B4NK O WORK IN PROGRESS Timeline 12 What's NewS Issue 4 June/ July 2000 The revised IXïRI merger process is based on a structure which will allow the needs of the various businesses in- volved to drive the process. It should cre- ate a stable environment in which all com- ponents in the joint venture can flourish. This is how the Steering Committee de- scribed the agreed cornerstones for further development at a recent meeting. 'You can also use a different metaphor,' says Ton Toebosch, 'and see the compo- nents we are working on as drawers that will ultimately fit into a cupboard, but we're focusing on the content first.' These cornerstones or 'drawers', as you may have seen in the newSventure (8 June) are: First pbase (based on quick wins) DG will acquire a 50% stake in Rabo Securities, creating DG-Rabo Securities (see story on page 3); and DG's international network will be inte- grated with our own. This means the transfer of DG's non-investment banking related business from its own interna tional branches and rep offices to RI. We will establish German desks along the lines of Dutch Desks for DG's corporate clients. DG will maintain its own invest- ment banking units in New York, London Where do you go whcn you surf the Net? What's NewS want to know. We're looking for useful and informative websites to include in upcoming issues. Please contact Mirjam Diepenbrock by e-niail with your web tips and a brief descrip- tion of the site(s). and Tokyo until all RI and DG corporate and investment banking activities are brought into DGRI; and our Frankfurt branch will be integrated into DG. DG's Amsterdam rep office will be transferred to Rabobank. Second pbase separation of Rl from our parent orga- nization; DG's investment banking and in ternational network will be separated from its parent. What do these three moves mean? When will they take place? And where will they lead? Basieally, the original idea would have created DGRI by 'big bang'. Now, it will grow more organically. During 2001, Rabobank International will be 'unrav- elled' in the legal sense from Rabobank Nederland. Similarly, DG BANK will sep arate its international corporate and in vestment banking businesses no later than March 2002. These moves and the corner stones mentioned above will be laid down in a so-called umbrella document between the two parents before the end of the year (2000). If all goes according to plan, DGRI will be working as a single bank by mid-2002. While separation issues often seem ab stract, more concrete is the integration of the two international networks. DG's non- investment banking related business and all the assets of its international branches and representative offices, including peo- ple, will be brought into the Rabobank In ternational network. German desks will be set up alongside the now familiar Dutch desks - this will give us the oppor- tunity to meet and offer services to DG's corporate customers. What this should mean is real opportunities for us all. If you are wondering what is happening about the investment banking side of DG's international operation (in New York, London and Tokyo), it will be integrated into DGRI once all corporate and invest ment banking activities have been brought into the joint venture by both parties. The new structure obviously has implications for RI in Frankfurt. Our branch there will be transferred by year end and our people will join DG there. Rabobank International Re-construction underway: the symbol used at the recent meeting at Noordwijk The timelines for these actions are sum- marized here: 2000 (year-end): - umbrella agreement on integration; - sale of 50% stake in Rabo Securities to DG; - Rabobank Frankfurt and DG Amster dam close; - DG transfers non-investment related in ternational business to RL 2001: legal separation of RL March 2002: legal separation of DG's corporate and investment banking busi nesses. Mid-2002: DGRI acts as one bank.

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blad 'What's news' (EN) | 2000 | | pagina 12