'RABOBANK POSTS
STRONG 2008 RESULTS,
DESPITE TOUGH
CONDITIONS'
Q&A
Europe
with Marcel Gerritsen
Head of Project Finance
Europe
QWho are the clients of the REIF
department and what do you
offer them?
QWhat are the current
opportunities within the sector
A "Firstly, the expected shortage offossil
Q What's the main goal for Rl
and renewable energy over
the coming 5years?
In March, Rabobank announced
its full-year results for 2008. In a
year marked by uncertainty and
scarred by the financial crisis,
Rabobank Group produced a
remarkable set of results, with
net profit growing 2 percent
year-on-year to EUR 2,754 million,
while remaining the only major
Dutch bank not to seek-out
government support. Rabobank
International, meanwhile,
reported relatively positive
developments across most
business lines, although the
financial crisis drove Rl to a net
loss of EUR 245 million. A number
of positive one offis, including the
Rabobank's Renewable Energy and
Infrastructure Finance department provides
project financing for a variety of customer
groups. Marcel Gerritsen talks about the
department.
A "We have a variety of customer groups who
need help financing their renewable energy
projects. We distinguish between renewable
energy project developers, investors, and
renewable energy branches of Utilities and
F&A customers. For example, we might fund a
farmer who wants to erect a wind park or solar
plant on his own land or grain producers that
want to diversify into bioethanol."
fuels in the long run, which will make
traditional electricity production more
expensive over time, has put more focus on
renewable energy sources. Secondly, I think
renewable energy as an item has caught
the attention of society over the past few
years, as countries strive to reduce their
energy dependence from oil producing
countries. And thirdly, the climate change
debate is sharpening minds and ideas."
A "In 2008 we received our mandate from
the board to grow within Europe. In 2009
we are expanding our geographic coverage
to the Americas and India. The ambition is to
become a well-regarded player in the market
for renewable energy financing worldwide,
being recognised for our sector knowledge
both by our clients as well as by other banks."
economy. Australia and New
Zealand reported good financial
results, with a 30 percent rise in
the net result versus 2007 and
Asia performed above budget.
Results in corporate banking were
confronted by impairments, while
Asia's TCF and GFM operations
performed well. In the Netherlands,
Wholesale Netherlands realised
competitive opportunities among
the challenges of a recessionary
economy, with the region sur-
passing its budget by nearly 11
percent.
revaluation of
participations
and a reclassifi-
cation of GFM assets, were offset
by the impact of mark-to-market
losses and impairments on debt
trading and investments books.
Regionally, in the Americas the
gross result of corporate banking
was nearly doublé the 2008
budget, while Europe faced a
difficult year with mixed results
in the retail business. Although
Bank BGZ in Poland performed
relatively well, ACC Bank in Ireland
faced stiff headwinds due to the
near implosion of the Irish
issue 19 apri THE WORD 5
