Outlook
In 2009, food agri will form the sound basis for international growth. Rabobank International will
focus even more on its core clients, while emphasizing efficiency improvements and cost reductions.
Growth of the loan portfolio will require sufficient inflow of amounts due to customers.
Rabobank International will expand its retail banking activities further, focusing on Australia, Brazil,
California and Poland. Bank BGZ will open a large number of new branch offices in Poland.
Global Financial Markets will decline in volume, with stronger focus on Rabobank Group's core clients
as well as on liquidity management. Corporate Banking will grow selectively in the Netherlands and the
United States. Services to food agri clients will be broadened. The Telecom Media Internet activities
will be wound down, with the exception of a few specific clients in Europe, including the Netherlands.
Both Trade Commodity Finance and Renewable Energy Infrastructure Finance will grow further.
Rabobank International will invest more in private equity. Rabobank International, together with
Bouwfonds REIM, will establish new agricultural real estate funds through Rabo FARM. Rabo FARM
supports our international food agri ambitions by means of strategic purchases of arable land for,
or together with, its clients.
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Report of the Executive Board
