Sustainable entrepreneurship
Food agri bank with global operations
Service provision improved;
customer satisfaction increased
Member engagement
Economic green light in 2007
Netherlands in 2006. The economies of scale and the
combined networks offer excellent opportunities for
successful expansion of the modern (healthcare) insurance
package.
The merger process at the local Rabobanks, which progressed
according to schedule in 2006 as well, should contribute to
maintaining our leading position. This process will enhance
both the quality and the professionalism of the banks, with
the aim to also strengthen our positions in the top segments
of the corporate and the private clients markets. First
indications are that we are in fact laying a strong foundation
in these segments as well.
When it comes to sustainable entrepreneurship, Rabobank
has a reputation to keep up. A subject of both internal and
external scrutiny is how our activities can contribute to a
more sustainable world. For example, Rabobank desires to
be among the top players in the area of renewable energy,
in particular in funding and investing in renewable energy.
Another focus area in 2006 was embedding corporate
social responsibility (CSR) in lending. For our own staff, a
CSR manual was prepared to help them apply our CSR
guidelines in our professional services. In addition, several
new CSR products were launched within Rabobank Group,
including the Robeco Clean Tech Certificate and Robeco
Clean Tech Fund II. In early 2007, in collaboration with
World Wildlife Fund, we introduced a new credit card with
climate compensation. Our Rabobank Development
Program was extended via the acquisition of a 49% interest
in Zambia National Commercial Bank, in Zambia.
In the global markets, Rabobank profiles itself as a food
agri bank with global operations but with its roots in the
Netherlands. Last year, we worked hard to enhance this
profile. Early in 2006, Rabobank extended its Direct Banking
network by opening its third foreign Internet bank, in New
Zealand. To our great disappointment, the envisaged
acquisition of an interest in the Turkish Sekerbank fell
through. This did not discourage us however, as is evident
from the acquisitions we made during 2006. The acquisition
of Community Bank of Central California was finalised and
we made an offer for Mid-State Bank Trust in late 2006.
This will provide greater access to both the food agri
market and the retail banking business in the United States.
In early 2007, we took over two banks in Indonesia, acquired
an interest in the first rural cooperative bank in China and
participated in a number of banks in Africa. During the
remainder of this year, we shall keep looking at opportuni
ties to strengthen our position as a global food agri bank.
Our clients showed themselves satisfied with Rabobank
Group's service provision and initiatives in 2006. The
www.rabobank.nl website was awarded the title of website
of the year in the financial products and services category
and was the winner of the Usability Award 2006. In addition,
Rabobank Private Banking was awarded the title of private
bank of the year.
In late 2006, Rabobank was the first bank in Europe to
introduce a combined package of mobile banking and
low-cost telephony. Rabo Mobiel enables clients to transfer
money quickly, comfortably and safely. With Zoekallehuizen.nl,
we introduced a great and easily accessible alternative to
existing sites announcing owner-occupied houses for sale.
The quality of services and the service provision to both
clients and members received a significant boost in 2006.
I am very pleased that market surveys showed a further
increase in customer satisfaction among private individuals
in 2006, from 7.4 to 7.5. This means that we achieved our
own minimum longer-term target.
But there is no room for complacency. Our service provision
still wants improvement in many respects and this will
require renewed, strong efforts in 2007.
As a cooperative bank, we pay a lot of attention to engaging
members, whose number now exceeds 1.5 million, in the
activities of our local Rabobanks. Member control was assured
during the past years in the upsized local Rabobanks, for
example by the introduction of member councils, that
operate perfectly. In 2006, the Dichterbij magazine was
launched. This is a beautiful new magazine for members
and contains a good mix of news from local Rabobanks
and general Rabobank matters. In addition, we invested a
great deal in the cooperative dividend, through which the
local Rabobanks give profits in return to the communities
in which they operate. As a result, many heart-warming
local community projects could be realised again in 2006.
The economic outlook for the Netherlands is favourable. In
our view, exports from the Netherlands will continue their
positive trend in 2007, and business investments will
likewise grow further. Private consumption could show
6 Rabobank Group Annual Report 2006
