Rabo Vastgoed
Obvion
Rabobank.be
28 Rabobank Group Annual Report 2002
Increase in gross profit
Gross profit of the retail banking business for 2002 was EUR 1,387
million, up 3% on 2001.
Total income 4,705 4,436 6%
Total operating expenses 3,318 3,093 7%
Gross profit 1,387 1,343 3%
Volume of loans 150.4 137.9 9%
Savings 60.6 57.4 6%
Total risk-weighted items 107.3 95.9 12%
Mortgage loans 24% 23% +1%
Agricultural sector 83% 87% -4%
Trade, industry and services
39%
37%
+2%
Savings
40%
40%
0%
Rabo Vastgoed is Rabobank Group's project development
and finance arm. In close co-operation with the local
Rabobanks, Rabo Vastgoed develops real estate projects, in
particular housing projects. It also participates in projects
with venture capital.The local Rabobanks provide Rabo
Vastgoed with a sound knowledge of the local real estate
market. In turn, Rabo Vastgoed enables local Rabobanks to
capture and retain (new) clients at an early stage. In 2002
Rabo Vastgoed's order portfolio increased to EUR 3.9 (3.4)
billion. At the end of 2002, the portfolio comprised 222 (186)
projects.
April 2002 saw the start of Obvion, the joint venture
between Rabobank and the ABP pension fund. Obvion sells
mortgage loans under its own brand via independent
agents.Through Obvion, the Rabobank Group is targeting
additional market share in order to strengthen its market
leadership in mortgage loans. Obvion's market share showed
strong growth in 2002 and averaged 3%.We intend to grow
this to 5% within the next three years.The aim is to sell
other Obvion products as well, such as life insurances and
investment funds, via agents by the end of 2003.
People in Belgium too, have become acquainted with
Internet banking at Rabobank. Since November 2002, clients
in Belgium can visit Rabobank.be.This 100% Internet bank
focuses on the private market and offers savings products
as well as a limited number of Robeco investment funds.
Expansion of international retail activities is an important
element in the Rabobank strategy. Rabobank.be is the first
direct-bank initiative outside the Netherlands. Its competitive
rates, simple products and user-friendly site distinguish it
from other Belgian banks.The Bank's ambition is to be seen
as the 'best buy in the market.
Key figures - retail banking business
Results (in millions of euros) 2002 2001 change
Balance sheet (in billions of euros)
Total assets 163.7 155.1 6%
FTEs in local banks 31,670 33,313 -5%
Market share
More about local banking? Go to:
www.rabobank.nl and www.rabobank.be