Rl - growing
rural roots
THEME - COUNTRY BANKING
With the acquisition of
Ireland's ACC Bank
Rabobank bas taken tbe
next step in expanding
its country banking
strategy. Tbe Word
bas tbe story.
Leading the charge
Inside out
In February 2002, Rabobank announced the purchase of ACC'
Bank plc from the Irish Government. It is a move reminiscent of
Rabobank International's 1994 acquisition of The Primary Industry
Bank of Australia/New Zealand (P1BA). The success of both acqui-
sitions has crystalli/.ed a new 'country banking' push within
Rabobank International. The core of this strategy is to acquire
small to medium banks, ideally with a Food and Agribusiness
(F&A) focus and distribution potential, which are culturally com-
parable to Rabobank and its subsidiaries. The longer plan is to ex-
tend RI's focus to include a broader range of international activities,
thus giving a mandate for future growth.
'Rabobank has huge presence in retail hanking in the Netherlands,
more than 100 years of successful retailing and market-leader posi-
tions in many segments,' says Fergus Murphy, RI Dublin's General
Manager. 'But to date it has been conservative about trialing the
model abroad.' Murphy reasons that a strategy to acquire small
ring-fenced entities around Europe, or elsewhere, as opposed to
attempting mergers with hig organizations, will result in some quick
wins in the short term and increased market share in the longer
term. He cöntinues, 'While none of those satellite banks give you
critical mass in their markets, over time critical mass can be
developed on a pan-l uropean scale.'
According to Pieter van der Weijden, Rabobank Nederlands Inter-
