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