Ground work RI vision This 'Strategie consideration' brings us to so-called 'country banking', which bas been loosely defined as a strategy based on a combination of vision and opportunity, focusing on moving up the rural value ehain. We learned a lot from the Primary Industries Bank of Australia/New Zealand (P1BA) acquisi- tion in Australia back in 1994. This bank pursues what could be ealled 're- tail', hut in a very clearly defined way and to a very clearly defined target cus- tomer base. The reason RI was able to take on PIBA and expand it into one of our top suecess stories was that we un- derstood the clients and their business - F&A. RI is also engaged in that busi ness from a wholesale banking perspective. That gave us a local knowledge of both PIBA and the market that has proved indispensable. More recendy, we have made a number of other acquisitions, also with an F&A slant, such as ACC in Ireland and potentially VIB in the US (see side bar on page 11). In India, we are develop- ing a tailored approach to that very specific market. This forms ground work for ongoing internationalization in an area where we, as RI and a mature part of the Rabobank organiza- tion, are knowledgeable, 'at home' and highly experienced. As Rabobank's Executive Board delib- erates on these 'Strategie considera- tions', it is equally strategie for interna tional Rabobankers to begin contemplating a greater vision for RI. Concludes Dekker, 'If RI is positioned within the Group as a tangible, indis pensable and strategie component for the Group. If the wholesale F&A oriented braneh network around the world can be selectively enriched with rural "country banking". If we add to that the professional product capacity within Rabobank International as an instrument for adequate management of the Group balance sheet and capital structures. And if we can add to that the role of "hatchery" for the Dutch organization, bringing in essentiai international experience, both human and in products and services. If we can achieve those objectives, then we will represent the basis for the further international expansion of the Group as a whole.' The Word I 7

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