Chairman's foreword 3
Other important milestones were reached in 2003, too. In close
consultation with the staff representative bodies and the trade unions,
we were the first financial institution in the Netherlands to reach an
agreement on the phased implementation of employee contributions
to their pensions. In addition, we achieved market leadership in all
segments of the Dutch small and medium-sized businesses sector for
the first time, we expanded our position in real estate through the
acquisition of FGH Bank, we strengthened our leading position as a
food and agribank in the US thanks to two acquisitions, we were
awarded the highest sustainability rating in Europe, and we completed
the largest-ever emission of Tier I paper on the US market.
In conclusion, I would say that the volatile year 2003 has turned out to
be a good year for us. Our results largely reflect our clients'confidence
in Rabobank Group and its units.
The volatile year 2003 has turned out to be a good year for us. Our
results reflect our clients'confidence in Rabobank Group and its units.
We are greatly indebted to our members for their commitment, as we
are to our 3,000 directors and supervisors and our 57,000 employees
for all the hard work they put in for the Rabobank Group in 2003.
Bert Heemskerk,
Chairman of the Executive Board
of Rabobank Nederland