Our ambition: to be market leader.These words make up both the title and the contents of Rabobank Group's Strategic Framework. In 2002 a number of significant steps were taken to achieve that ambition. Several Group entities expanded their activities. In addition, changes were made to the management structure. In order to define our co-operative mission better, the senior management structure of Rabobank Nederland was altered. Growth despite slowdown Change in senior management structure Members 10 Rabobank Group Annual Report 2002 Main events Demand for Rabobank Group's products and services again increa sed in the year under review. Despite the stagnating economy, len ding rose by 8%, chiefly as a result of growth in mortgages. Our market share in this segment increased to 24 (23)%. Rabobank Group strengthened its market leadership in small and medium- sized businesses, with market share rising from 37% to 39%. Savings increased by 5%, with Internet saving accounting almost entirely for the increase. Despite fierce competition in the savings market (especially Internet savings), Rabobank Group managed to maintain its market share of 40%. Besides handsome growth figures, there were also setbacks in 2002. Assets managed declined by 14% due to the unfavourable stock exchange climate. Premium income from insurance declined by 7% as a result of lower sales of annuities and single-premium policies. In June 2002, the General Meeting of Rabobank Nederland agreed to the new top management structure, which makes the manage ment model more transparent and increases management's effec tiveness. The change in structure gives the local Rabobanks more say in the strategic policy. The supervisory duties of the Supervisory Board have been enhanced.The Executive Board now has manage rial responsibility for the day-to-day operations and the Group poli cy as well as for the co-operative. Under the old structure, the for mer Board of Directors was responsible for the co-operative before its competence and responsibilities were absorbed by the new structure. In the year under review, Rabobank defined its co-operative mission further. In September, membership passed the milestone of one million and at the end of December 1.1 million clients were mem bers of Rabobank. Compared to year-end 2001, this is an increase of 283,000 members.The target of 1.2 million members at the end of 2003 is therefore within reach. In November a new issue of Rabobank Membership Certificates took place, with over 65,000

Rabobank Bronnenarchief

Annual Reports Rabobank | 2002 | | pagina 12