so
Asset management and investment
Rabobank Group's asset management
business is handled by Robeco, an asset
manager with international operations, as
well as the Dutch private bank Schretlen Co
and the Swiss private bank Sarasin. Through
these group entities, Rabobank enables its
clients to invest in a large number of invest
ment funds and to avail themselves of a
broad range of asset management services.
These group entities employ a total of
approximately 3,500 FTEs.
Net profit at
EUR 13 million
in millions of euros
400
350
300
250
200
150
100
0
Assets under
management and held
in custody up 25%
in billions of euros
2008 2009
2008 2009
In 2008, the gain from the sale of Alex had
been a significant boost to profit. Besides
this, the lower result for 2009 was mainly
due to lower performance related commis
sion fees at Robeco's subsidiary Transtrend.
The positive cash flow and the recovery in
equity prices caused an increase in assets
under management and held in custody
for clients. At Robeco, a cost reduction
programme that had been initiated in 2008
resulted in lower costs and lower staffing
levels. Due to the poor economic situation,
Sarasin adjusted its growth rate in terms
of hiring additional client relationship
managers.
Leasing
De Lage Landen, which is responsible for
Rabobank Group's leasing operations, uses
the vendor finance concept to support manu
facturers and distributors in their sales in
more than 30 countries. Athlon Car Lease, its
car-leasing division, is active in nine European
countries. In the Netherlands, De Lage Landen
offers a broad package of lease, trading and
consumer loan products, including Freo, an
online label. De Lage Landen has an
employee base of approximately 4,700 FTEs.
Net profit at
EUR 112 million
in millions of euros
Loan portfolio up 3%
in billions of euros
De Lage Landen increased their margin on
new business in 2009. Athlon Car Lease's
profitability came under pressure as result
of the poor market for second-hand cars,
which started to pick up again towards the
end of2009, however. The economic crisis
was to blame for an increase in bad debt
costs; it also caused growth in lending to
level off. Athlon Car Lease stepped up its
car-leasing operations in Italy. This was a
factor in the 2% rise in the lease fleet to
216,000. De Lage Landen received the Euro
pean Vendor Partnership of the Year Award.
2008 2009
2008 2009
Real estate
Rabo Real Estate Group is responsible for
Rabobank Group's private and corporate real
estate operations. Its three core areas are
development of residential and commercial
properties, property financing and service
provision to property investors. Rabo Real
Estate Group operates the labels of Bouwfonds
Property Development, MAB Development,
FGH Bank and Bouwfonds REIM. Rabo Real
Estate Group has an employee base of about
1,500 FTEs. Besides being active in the Dutch
market, it operates mainly in Germany and
France.
Net profit at
EUR 92 million
in millions of euros
Loan portfolio up 5%
in billions of euros
Rabo Real Estate Group was adversely
affected by the poor conditions in the
property market in 2009. It sold 7,341
homes, which was 16% less than in 2008,
as well as completing fewer commercial
properties. FGH Bank showed controlled
growth in lending, improved its margin on
new property loans and saw its bad debt
costs increase. At Bouwfonds REIM assets
under management increased 2% to
EUR 7.0 billion.
5
Rabobank Group at a glance