Wholesale banking
Corporate Banking
The Americas: strong growth, both organic and from acquisitions
In the United States, Rabobank International has retail banking activities in California.
The acquisition of Mid-State Bank Trust was completed in May 2007, thereby doubling the
number of Rabobank-branded branches in California to more than 90. In the year under
review, a great deal of work was done on merging these activities with our existing retail
banking operations in the United States.
The retail banking activities in Brazil, which started in 2006, were expanded further in
2007. More than ten branches that focus on the agricultural sector are currently operational
outside Sao Paulo. Thanks to this further expansion of the activities, lending grew
significantly in 2007.
In Chile, the acquisition of HNS Banco, with almost 300 staff, offers plenty of opportunities
for Rabobank Group to expand its retail banking network further. In 2007, HNS Banco was
rebranded to Rabobank Chile.
Australia and New Zealand: organic growth
As is the case in the Americas region, the retail banking activities in Australia New Zealand
are focused on the food agri sector. The key services offered are: loans to the primary
agricultural sector, banking services to middle segment enterprises with a business affinity
to the food agri sector and offering complex financial products and services to large
cooperatives and enterprises in the food agri industry. The product range has been
broadened over the past few years and the Rabo Financial Advisors unit has been
strengthened further with the acquisition of Mondo Financial.
Asia: acquisition of Hagabank and Bank Hagakita
With the acquisition of Hagabank and Bank Hagakita in Indonesia early in 2007,
Rabobank Group extended its retail banking operations to Asia. Both banks have extensive
networks, with branches in Bali, Java and South Sumatra. This acquisition gives Rabobank
access to the small and medium-sized enterprises sector in Indonesia. Rabobank aims to
further professionalise service provision by these banks and plans to introduce new
financial products.
Direct Banking: savings up 65% to EUR 5.1 billion
Rabobank International started its Direct Banking activities in Belgium in 2002,
via www.rabobank.be. In the years following, foreign Internet banks were opened in Ireland
and New Zealand. Early in 2007, the Direct Banking activities were expanded by the opening
of a fourth foreign Internet bank, in Australia, where clients can open savings accounts and
can invest in funds via www.raboplus.com.au. At year-end 2007, more than 12,000 Australian
clients were using this new Internet bank, and the foreign Direct Banking activities totalled
197,000 (102,000) clients. Savings at these activities grew by 65% to EUR 5.1 (3.1) billion.
In the Netherlands, Rabobank International serves large enterprises through Corporate
Banking, while supporting the local Rabobanks in their services to the corporate market.
In order to serve its Dutch corporate clients and its international SME clients better, Rabobank
International started a project, in 2007, with the aim of expanding its present range of
services in financial logistics. This concerns mainly services in international cash management.
Abroad, the primary focus of the Corporate Banking activities is on the food agri sector.
In addition, Rabobank International possesses specific expertise in Telecom Media Internet
and Trade Commodity Finance.
Telecom Media Internet operates from Europe, Latin America, Asia and Australia.
The Telecom Media Internet unit works closely with other departments within Rabobank
International. Based on a strategic reorientation in September 2007, it was decided to wind
down the Telecom, Media Internet activities in North America.
With global operations, the Trade Commodity Finance department focuses on clients
that are active in the market for agricultural products as well as on clients in the metals and
the energy markets. In addition, this department offers clients a wide range of export finance
products. The Trade Commodity Finance activities have grown considerably since 2006.
Rabobank Group Annual Report 2007
