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
