The stagnating Dutch economy and the con tinuing unfavourable stock exchange climate hampered Rabobank Group's retail banking business in the year under review. Nevertheless, gross profit of the retail banking business in creased by 3%. In 2002, Rabobank Group remain ed a clear market leader in the savings and mortgage loan markets as well as in the local businesses market. Private clients Growth in lending Market share in mortgage loans: 24% Business clients Growth in lending Retail banking 25 Retail banking business Helping clients achieve their ambitions by means of financial serv ices - that is the mission of the retail banking business, comprised mainly of the local Rabobanks collectively.To that end, they offer their clients a broad and coherent package of financial services and products in the fields of lending, savings, investing, insurance and leasing. Lending to private individuals, which predominantly consists of mortgage loans, rose by EUR 9.5 billion in 2002 to EUR 99.0 billion, an increase of 11%. In the year under review, the Rabobank Group put a lot of effort into maintaining and where possible strengthening its position as a market leader in mortgage loans. In the autumn of 2002, Rabobank's special rates for the "safeguarded mortgage loan" attracted a lot of clients who were reluctant to take out (new) mortgages in the cur rent, uncertain economic situation. Safeguarded mortgage loans provide for temporary continuation of a client's mortgage payments should he or she become unemployed or ill for a prolonged period. Due in part to this autumn campaign and the efforts of Obvion, our joint venture with the public servants' superannuation fund Algemeen Burgerlijk Pensioenfonds, Rabobank Group's market share increased by 1% to 24% in the year under review (local banks 21% and Obvion 3%).There is strong competition in the market for mortgage loans, particularly in the mortgage switching market, where many smaller parties are operating. In order to reinforce our high market share a consistent price policy will be operated, combined with the devel opment of innovative mortgage products. Lending by the local Rabobanks to businesses increased by EUR 3.0 billion to EUR 51.4 billion in the year under review, up 6%.The local business market comprises two sectors: trade, industry and services and the agricultural sector.

Rabobank Bronnenarchief

Annual Reports Rabobank | 2002 | | pagina 27