Dear colleagues
EDI TORI AL
First of all we want to wish you and your families a healthy
and prosperous 2009! It will be a very interesting year
for Rabobank International. One in which we will work
collaboratively on getting Rl back up-to-speed in servicing
Food and Agribusiness clients across the world with value
adding products and services. This will also be the year
where we will underline our global footprint as the leading
F&A bank.
We are an ambitious bank and that's positive. Flowever,
it is important to remember where we come from: an
agricultural bank that is there for clients in good times and
bad times. If the market turbulence has taught us anything,
it is that banks should care first for their core clients. These
relationships are the foundation of banking. Our liquidity
and solvency positions are still good, especially relative to
other banks, and our capital base remains very strong. We
are able to provide fïnancing to meet the needs of our
clients. Flowever, in these turbulent times, credit is a scarce
resource. It is now very important to take great care in
seeking the right balance between new and lucrative
clients who fit our core cliënt base and our current and
corporate clients.
This edition of The Word is about the turbulent market-
place and how this is affecting ourfunding structure and,
in turn, the relationship we have with our clients. The cover
article is about how our long-standing relationship with
clients in the commodities market across the world is
paying off during these difficult times.
In the banking special, our funding structure is explained
thoroughly by our specialists in the field. They clearly
describe how all variables are managed during this very
difficult time. We regard this as an important article as an
increased focus on the funding side is inevitable given
the reduced availability of capital.
Then there is our region special, which this time features the
Americas. A region undergoing a lot of change. The credit
crisis started in the US and obviously had an impact on the
country's economy. But the US is also where our clear focus
on F&A and sustainable relationships with clients are deeply
appreciated. Clients that at first did not see us as their main
bank, now value our risk mitigating nature and sustainable
way of doing business. Also, like many, we sense change in
the US through President-elect Barack Obama.
The financial landscape has changed due to the credit crisis.
Business ethics and short-term shareholder thinking have
taken their toll. The whole industry needs to look at itself
and learn the lessons. We think that Rabobank has all the
qualifications to meet the standards of the new banking
landscape. We are a non-listed company, risk-averse (our
triple A status is widely appreciated) with a clear focus on
the clients we want to serve, namely Food and Agribusiness
clients. This is a straight and honest story we can teil. This
is what we have been doing for more than a century. Re
member, banking is all about trust. Let's make the best
of 2009!
Bert Heemskerk Sipko Schat
ISSUE 18
THE WORD
