finance, lease, rural banking and risk management. Our visible presence in China is perfectly
in line with our ambition to be a leading global food and agri bank. The agreement that was
signed provides for a framework of bilateral collaboration, which serves as a basis for detailed
partnership agreements.
The equity interest in Indian-based Yes Bank was scaled down to less than 5% in 2010,
which is required to be able to start our own food and agri bank in India. Launching our own
banking operations in India is in keeping with the ambition of being a leading global food
and agri bank.
International retail banking
The international retail banking division focuses on offering financial services to corporate
food and agri clients and to private individuals around the world. The rural banking operations
in Australia, New Zealand, the US (except California), Brazil and Chile concentrate exclusively
on food and agri clients. The retail branches in California, Poland, Ireland and Indonesia also
serve private individuals and SMEs. In 2010, Rabobank acquired Napa Community Bank as well
as specific assets and liabilities of Butte Community Bank, and Pacific State Bank in California.
These acquisitions broadened the international retail banking network while further
strengthening Rabobank's positions as a food and agri bank. Rabobank views California as an
agricultural growth market. Having had a presence in this State since 2002, the local network
now comprises about 120 branches. Rabobank is also a majority shareholder in Bank BGZ, a
Polish-based bank rooted in the food and agri sector. 61 new branches were opened in 2010,
mainly in rural areas. This brings the total to 348 branches. In 2010, Rabobank, the Polish State
and Bank BGZ signed an agreement about seeking a stock exchange listing in 2011
Recovery of private equity market
Rabo Private Equity, Rabobank's investment division, uses specialist labels to invest in private
equity based on its sector knowledge. Rabo Capital invests in controlling interests in medium-
sized Dutch enterprises. Rabo Ventures focuses on young cleantech businesses in Europe and
North America. The Dutch Greentech Fund invests in talented Dutch techno start-ups with
innovative technologies or processes that introduce more sustainability to the chain from raw
materials to end products. The Fund, which focuses on agriculture, food production, water, air
and bio-energy, applies strict sustainability criteria. Rabo Participations gives capital injections
to help local Rabobank clients achieve their growth ambitions, and Phoenix Recovery Capital
invests in Rabobank clients that find themselves in financial difficulties. 2010 saw a recovery of
the private equity market, which manifested itself in an increase in activity. The challenge for
Rabobank was to find the right, strategy-appropriate parties to invest in. In 2010, for instance,
Rabo Capital acquired a controlling interest in Maïtre André, a producer of ready-made meals
for the Dutch retail market. Rabo Participations acquired a non-controlling interest in Fletcher,
a hotel chain. Rabobank not only offers private equity solutions, but also invests indirectly via
investments in several independent funds the world over. Countries in which Rabo Private
Equity makes fund investments include the Netherlands, the UK, the US, Poland, Switzerland
and India.
Rabo Development supports banks in developing countries
Rabo Development helps existing banks with a rural orientation in developing countries
to grow into professional, modern-day financial institutions. This is how Rabobank allows
millions of customers in other parts of the world to access appropriate financial services in
accordance with its original mission in the Netherlands. Because Rabo Development acquires
non-controlling interests, control remains locally based. While keeping their autonomy,
these banks benefit from Rabobank's capital, expertise, products, networks and management
capacity. To this end, Rabo Development makes use of the knowledge and experience of
Rabobank staff from all parts of the organisation. Experts in such areas as credit management,
risk management, product development, distribution, ICT and HR are continually on hand to
provide support to our partner banks.
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Wholesale banking and international retail banking