4 Our clients are getting bigger and an increasing number operate in several countries. We need to offer something special to the main players 9 BANKING SPECIAL GLOBAL FOOTPRINT Ignacio Sanz (Spain): Global and local Leading by example 34 ISSUE 22 Jeroen Leffelaar (Europe) As in Asia, Rabobank's focus in Europe - outside the Netherlands - is on corporate clients, many of whom are major players in global F&A markets. And FAR does give Rabobank an edge, especiaily in more complex sectors with odd business cycles, capacity issues or the mortality issues related to livestock, says Jeroen Leffelaar, Flead of Animal Protein clients. "That's when we're better equipped to identify risks and spot opportunities. FAR is simply part of our lives, certainly in the credit approval process. Their input is also vital for our strategie discussions with clients, and they provide support in origination and execution, particularly on the M&A front." He adds that FAR has become more deal-oriented, thanks to a new breed of analysts. 'Their recent exposure to transactions seems to have created an appetite for more." Jan Lambregts, Head of Financial Markets Research (FMR), says this has been the case at FMR for some time, largely because FMR's research is much more easily translated into products tailored to deal with, say, foreign exchange or interest rate developments. "When we visit a cliënt with our salespeople, we've already thought about the products that could help them respond to financial market developments. We also have two FAR analysts working with FMR on the dealing room floor in London," Lambregts says. Ignacio Sanz (Spain) Jan Lambregts (UK) more global and more clients get involved in the wave of consolidation in the industry, says Ignacio Sanz, Senior Relationship manager in Madrid. "Our clients are getting bigger and an increasing number operate in several countries. We need to offer something special to the main players, and the companies likely to participate in this consolidation process. We need to be close to the top management of the companies, sharing our views on their industry, and providing them with the services and products they need. FAR is vital to that." One of the biggest challenges is to commercialise FMR and FAR research services. Clients are willing to pay for advisory services related to M&A transactions, for example, but see research as a natural part of the total Rabobank package. It's not as if there's any real choice involved, Jan Lambregts says. Clients simply expect Rabobank to have good financial markets and F&A research. "But I think the more specific or tailor-made your research is, the more likely it is you'll be able to charge for it - certainly if a cliënt asks us for research on a specific country or market. That could happen a lot more in the future." This gives the FAR analysts a much better idea of what's happening on the financial markets. "Let's face it, when you visit a cliënt they need more than F&A research. They also need research on financial market developments that affect them. Now when FAR is putting presentations together for clients, they can include, say, foreign exchange developments, which can have a big impact on global agri markets. And it works both ways. We can also include F&A research when we visit clients. FMR and FAR is a pretty powerful combination," Lambregts says. This combination of global FAR expertise, combined with local market knowledge is vital, as the F&A industry is becoming In Spain, F&A research and advisory is Rabobank's only real differentiator. According to Sanz, several M&A transactions that Rabobank was involved in were only possible with FAR's research and its presence in key F&A markets. "Take Abengoa, a Spanish company and a global player in bio ethanol. They asked us to help with the acquisition of Brazilian company Dedini Agro, and they made the deal thanks to the combination of our global knowledge and the local knowledge of our teams in Brazil and Spain." If Rabobank wants to movefrom a traditional credit and loans business to more a fee-driven cliënt franchise there is only one way forward, Leffelaar believes: establishing strategie dialogues at board level. That requires the industry and market expertise provided by FAR and FMR, and skilled relationship managers to really get that message across. "It's the combination that counts." THE WORD

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blad 'RI The Word / The Word' (EN) | 2010 | | pagina 36