Rabobank International posts strong results in 2010 RABO INDIA CONCLUDES REFINANCING DEAL FOR TATA STEEL rlobal Asia *rm** Rabobank released its 2010 annual results in March, which showed a strong perfor mance by Rabobank International (Rl) over the year. Rl returned a net profït of EUR 797 million, up 37 percent on 2009. This strong result was a combined effect of solid opera- tional performance and one-off items. The sale of RI's stake in YES Bank in India (from 15.9 percent to 4.9 percent), generated a profït of EUR 152 million. Meanwhile, the acquisition of a stake in ABC Bank in China in the second half of 2010 generated a EUR 32 million revaluation result. Wholesale Banking saw a stable income stream at EUR 1,155 million, up 10 percent on budget, mainly driven by Global Financial Markets (GFM) and Professional Products (PP). PP performed well due to strong results in TCF, Corporate Finance and Private Equity, while GFM ended the year above budget due to higher trading in come and positions taken in Client Trad ing Money Markets, as well as fee income in Capital Markets. Rural and Retail Banking (R&R) generated a total income of EUR 1,025 million (4 percent up on 2009) with a gross result of EUR 355 million, 7 percent up on 2009. Although loan growth was less than budgeted, margins improved both compared to 2009 and budget. Costs were managed well, leading to a slight improve- ment in the cost/income ratio. Realising the 2011 budget may not be all that easy, but based on the 2010 perfor mance, there is a strong belief Rl will be ableto deliveron it. Tata Steel Works in Jamshedpur, India Rabo India successfully completed a refïnancing deal forTata Steel, one of India's largest conglomerates and the world's lowest cost steel producers. The deal, which involved Tata Steel refïnancing debt taken on to purchase Anglo-Dutch steel company Corus in 2007, saw Rabobank's Corporate Lending and Debt Capital Markets departments acting as bookrunner and mandated lead arranger for a refïnance facility of GBP 2.5 billion. Rabo India led the transaction discus- sions and negotiations with the Tata Steel and Corus teams. Tata Steel approached a number of relationship banks for the refïnancing of the GBP 2.5 billion facility, and Rabobank, along with BNP Paribas, Credit Agricole, Citi and Standard Chartered, provided the highest underwriting limits of GBP 250 million each. The underwriting group was closed with the inclusion of seven other banks. Given the high degree of interest from relationship banks, the underwriting amount of Rabobank, BNP Paribas, Credit Agricole, Citi and Standard Chartered was reduced to GBP 225 million per bank. The Tata Group is one of the most important conglomerates for Rabo in India. Rabobank has a relationship with a number of F&A-focused businesses within the Group, including Tata Beverages and Tata's fertiliser/agrochemicals operations. Additionally, the bank has a mandate from Tata-Corus to advise them on their power project in the Netherlands. ISSUE 27 MAY 21 Rl WORLD

Rabobank Bronnenarchief

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