Rabobank Group's performance in the year under
review features a large number of successes but
also some disappointments. A deeply sad occasion
was the death of Hans Winkelmolen, general
manager of the Rabobank office in Indonesia,
who was killed in a terrorist attack on the Jakarta
Marriott Hotel on 5 August 2003.
Successes
Disappointments
Main events 11
Main events
- In 2003, Rabobank achieved market leadership in all sectors of the
Dutch small and medium-sized business sector for the first time, with a
market share ranging from 31.2% to 52.3% depending on the sector.
In addition,the Bank was named 'Corporate Bank of the year'for the
corporate sector.
- As part of Rabobank International's country banking strategy - which
focuses on the acquisition of smaller financial parties operating in rural
areas in developed markets - two banks in the United States were
acquired in the year under review: Lend Lease Agri-Business and
Ag Services of America.
- Rabobank Group acquired FGH Bank in order to strengthen its position
in the real estate market.
- Rabobank Group's Tier I capital was increased by USD 1.75 billion in
2003 by the issue of Trust Preferred Securities, which were offered on a
private placement basis mainly with US pension funds and insurance
companies.
- In the autumn of the year under review, Rabobank Nederland
together with the local Rabobanks finalised the 'Rabobank Vision 2005+'
policy statement. The policy aim set out therein is twofold: to create
local banks of sufficient size and quality to enable them to fulfil the
role of market leader in their operating area, but at the same time
dimensioned on a scale fitting the near-to-the-client and committed
Rabobank identity.
- Rabobank Group received a higher rating for sustainable entrepreneur
ship in 2003.The Swiss SAM institution awarded Rabobank Group a
sustainability rating equal to 74% of the maximum rating, compared
with 64% in 2001. With this rating, the Group ranks number one in
Europe as the best sustainable financial services provider, and number
two worldwide.
- Rabobank Group was unable to prolong its traditional share of almost
40% of the savings market in the year under review. Its market share
declined by 1% to more than 38%, mainly because the group did not
manage to take full advantage of the release of company savings
scheme accounts.
- The local Rabobanks failed to maintain their market share in the
mortgage renewal market. Market share declined by 2%.
- Robeco investment fund failed to outperform the benchmark.
- The integration of the various units within Interpolis'People Work
did not yet yield the envisaged synergies.This, together with political
measures and lower figures for absenteeism due to illness, caused a
disappointing result.
Millions of chickens are
destroyed following an
outbreak of fowl pest.
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CM
