1
Dear colleagues,
INTRODUCTION
ACC Bank paints a
bigger picture
Reorganization has been
the key to ACC Bank's
>20-22<
Saving our heritage
Who are the custodians
of Rabobank's priceless
past?
>24-26<
2003 was Rl's best year yet. Despite
difficult economie circumstances, Rl
acbieved a spectacular growth in net
pro fit of over 25% and greatlv con-
tributed to the Group's 10% growtb
in net profitRl now generates more
than 20% of the Group's net result.
One of Rl's largest contributors is the
Corporate Finance Department. Find
out more about its highlights and
expectations for the future on page 7.
Country banking' was anotber sig
nificant contributor to Rl's bottom
line - especially ACC Bank in Ireland.
ACC Bank carried out huge organiza-
tional and cultural change to refocus
on the most profitable niche markets -
it is a strategy tbat's paying off (read
about it from page 20). Countiy
banking' will be anotber big earner in
2004. Expectations are high for Rabo
Agrifinance (previously Eend Lease
Agri Business) and Rabo Ag Services
of America, as our update on these
acquisitions in the US explains (pages
10-13). It is particularly pleasing that
countiy banking' is so sticcessful
because it greatly strengthens our
position as the leading Food and
Agribusiness bank in the world.
In 2004, ifwe are to continue this
success, we tieed to stay focused on
what our clients want. This is a theme
across the entire Group. Within the
Netherlands, Rabobank bas embarked
on the Vision 2005+' project (see
pages 4-6). This project is a reaction
to customer needs and behavioral
trends. Moreover, it forecasts further
mergers between Dutch Rabobanks
(our shareholders). The consequent
changes will affect not only the local
banks, but also Rabobank Nederland
and the wbolesale entities.
Rik van Slingelandt
Chairman, Rl Managing Board
The Word I
