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While ACC shares many Rabobank traits there are some obvi-
ous differences that have demanded a very cautious approach.
Both banks occupy different positions in the marketplace:
Rabobank in the Netherlands is a dominant player while ACC
has a very junior position. This junior position has advantages
however, as Molenaar explains, 'As a smaller player we can be
more flexible and fast to react, concentrating only on the most
profitable parts of the cliënt group. That's why ACC has
withdrawn from the credit card market and will terminate all
personal current accounts. We simply cannot afford the neces-
sary investments to service the mass market efficiently. There
would be national shock if Rabobank Nederland withdrew
from those markets in the Netherlands. Another difference
between the two markets is that while the Netherlands is
almost a cashless society, cheques and cash payments are still
popular in Ireland.' Molenaar was surprised to discover this
complicated and arguably inefficiënt payment method was so
entrenched. 'It demands more logistics than e-transfers,' he
says. 'Demographic differences further set the two countries
apart. In fact, the Irish market has slightly different needs and
thus requires tailored products.'
In addition to demographics, language and legislation -
Pieter van der Weijden:
'Country banking -
combination of vision
and opportunity...'
Jan Molenaar -
exploiting Group
expertise
12 Rl The Word I
