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. 35 Wholesale banking and international retail banking

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Annual Reports Rabobank | 2010 | | pagina 36