Growth abroad
Expansion in country banking
Equity position strengthened
'It opens doors'
Strategy and policy 23
also a response to broker chains, niche players and non-bank enterprises
that sell financial services. Examples of multi-distribution from Rabobank
Group are the activities of the Group units Effectenbank Stroeve, online
broker Alex and mortgage company Obvion.
In the Netherlands, Rabobank Group is working on an effective attain
ment of its market leadership ambition. By establishing an even stronger
domestic position, the Group will in due course represent a very
appealing partner for foreign parties. Collaboration with a European
partner is currently not a priority however. Abroad, Rabobank Group
focuses on expanding its position in the food agricultural business.
Rabobank International has established a strong global position by
focusing on the food and agricultural business. In 2003 we continued to
invest in wholesale and also in retail. In the year under review, Rabobank
International acquired Ag Services of America and Lend Lease Agri-
Business.These acquisitions are in line with Rabobank International's
country banking strategy, which is to gain a strong position in rural
areas by the acquisition of smaller retail banks in developed markets.
These two acquisitions, together with Valley Independent Bank (VIB) in
California, which was acquired earlier, now enable Rabobank to offer
every possible financial service to its agricultural clients in the United
States. In Australia, New Zealand and Ireland, Rabobank International is
similarly successful in country banking.The intention is for other
Rabobank Group entities, such as Robeco, De Lage Landen and Rabo
Securities, to sell their products via the country banks as well. Rabobank
Group sees country banking as a major strategic activity for growth.
Strengthening Rabobank Group's equity position is a prerequisite for the
attainment of its (international) ambitions for growth. It is of primary
importance that we earn a satisfactory profit so that we can grow our
reserves through retained earnings. Realising Rabobank Group's market
leadership ambition requires additional capital, however. In the years 2000
to 2002, the members strengthened our equity position considerably
through the purchase of Rabobank Membership Certificates. In the year
under review, Rabobank Group increased its reserves by USD 1.75 billion
to develop three variations of the Hid-box
opens doors. We are now regarded as a
and a new power box for markets.The
fully-fledged player.We will have to wait
award has had a major impact in other
and see if that leads to more sales. In this
ways, too. Previously, we had to fight to be
industry, it takes a long time between
heard by other parties, but this award
sowing the seeds and harvesting the crop.'
