INTRODUCTION
Dear colleagues,
Inside view
Eye-opening accounts
of crises. Look and
learn.
>24-27<
Group moves
International Accounting
Standards will increase
volatility as well as
transparency. How is
RI taking control?
>28-,
Pride and satisfaction: feelings I trust
every person in the Rabobank
International (RI) network shares witb
me. Despite the global economie
downtum, RI is performing well. The
2002 annual results revealed a net
wholesale profit of €277 million. In a
world where wholesale banks are not
making great profits this is an accom-
plishment ofwhich to be proud.
Ofcourse, we have our share of
challenges. Credit risk is problematic
and some organizational aspects need
to improve. Even so, the bigger picture
shows RI as a stable, profitable and
innovative Group entity. We are on
track because ofyour first-rate work.
This issue of The Word reflects our
achievements. Country bankingis
coming ofage: in Australia and New
Zealand business bas been Consolidat
ed under the Rabobank brand (see
page 18) and the contribution to our
bottom line is extremely pleasing.
ACC Bank in beland has declared its
first profitable year and expansion of
the country banking' strategy is
imminent (see sidebar page 5). Our
success comes in part from working in
a methodical way, as demonstrated by
our preparations for conversion to
International Accounting Standards
(see page 28). Furthermore, while we
continue to focus on building cliënt
value, we remember to contribute to
the communities in which we live and
work, as reported in the sponsorship
story in this issue.
I urge you to keep this bigger picture
in mind as you continue to fulfill your
roles. The Managing Board and I are
extremely grateful to you all.
Rik van Slingelandt
Chairman, RI Managing Board
The Word I 3
