Good fit Quiet change Go west Complete package Continued from page 9 Founded as the Agrieultural Credit Corporation in 1927, ACC has a long history of financing the agrieultural sector. Rabobank decided to acquire ACC because it identified with its core values, its heritage and its focus on Small and Medium Knterprises (SME) in the rural sector. 'We feit there was a fit between the two banks,' says Murphy. 'Also there are strong similarities between the Irish and Dutch markets. Both economies are relatively small on the global scale, are very open and prosper on trading with bigger neighbouring countries.' Even more appealing was the fact that ACC's management team had already commenced a change program to dramati- cally restructure and refocus the bank in response to a number of problents they had in the 1990s. 'ACC was already taking the pain to restructure the bank including reforming its human resources, and the Irish government was paying for this,' Murphy says. 'All this meant efficiencies were going to be made. The scheme in place showed culture change was already embedded so Rabobank wouldn't have to use its own manage ment time kick starting a big change program. Rather, it could continue to faci 1 itate the program already in place.' Rabobank retained ACC's existing management in full, appointing only two fulltime Rabobank people to the bank: Jan Molenaar who has 25 years of valuable Rabobank retail experience, was appointed as ACC's Deputy CEO, and Warren Newell who was seconded from RI's London branch to the position of Head of Internal Audit and Control. Late July 2002 saw the announcement of Rabobank Internationals acquisition of VIB Corporation. The acquisition will add a retail channel and access to Califor- niaone of the US's largest Food and Agrieultural (F&A) regions. This move builds on RI's existing IIS corporate and investment banking business, addtng a strong retail operation. VIB Corp is a bank holding company providing finan- cial services primarily in California through its subsidiary, Valley Independent Bank, which operates under the trade names Bank of Stockdale and Kings River State Bank. It's a conimunity banking net- work connecting 24 locations across 500 miles in California. As a network ofcom- munity banks, VIB Corp sbares Rabobank's focus on local decision mak ing and customer value. Furthermore, it boasts a prominent position in its market areas and a highly respected management team.Tbe acquisition of VIB Corp is ex- pected to close in the fourth quarter 2002, or early in the first quarter of2003. 'When Rabobank bought ACC it bought its strategy to refocus on specific areas such as the SME market, the agri market and the higher end of the personal market,' says Molenaar. 'ACC is too small to provide all services to all clients, so it had begun refocusing on the mid-SME' market because the volumes and margins are high.' Redefining the target market was an added dimension to the change program that was underway. Since the acquisition, Rabobank is supporting ACC's further development of the change program. The Word I 11

Rabobank Bronnenarchief

blad 'RI The Word / The Word' (EN) | 2002 | | pagina 11