Changing customer needs are forcing us to critically evaluate our entire service chain, from the
local Rabobanks to Rabobank Nederland. Customers want to do their banking through mobile
telephony and internet as far as possible. Customers and members can go online for advice as
well as for transactions and services such as internet banking or applying for a bank card.
The customer decides which channel they prefer to use. Personal advice continues to be
available if the customer requests it, for instance regarding complex products or if there is a
need for this in relation to legislation and regulations.
Ultimately, Rabobank strives to achieve a model in the Netherlands that combines treating
customers fairly with a competitive cost structure. On the basis of its cooperative principle of
restraint in business conduct, Rabobank is striving to structurally reduce costs at the local
Rabobanks and Rabobank Nederland. Without additional measures, the costs of the domestic
retail banking division would rise from EUR 4.5 billion in 2011 to EUR 5 billion in 2016. The target
is to reverse this direction and restrict costs to at most EUR 4 billion by 2016. The reduction of
the staff complement at the local Rabobanks by 8,000 FTE is part of this process. Costs at
Rabobank Nederland will have to be at least EUR 220 million lower in 2016 than they were in
2013; this is expected to involve the loss of between 1,000 and 2,000 jobs.
In this context, investments were made in 2013 in the virtual provision of services and a large
number of branches were closed, with mergers taking place between local Rabobanks.
The number of local Rabobanks has been reduced to 129. Standardisation and virtualisation
should ultimately lead to improved customer service at lower cost.The local Rabobanks will
also make the most of opportunities for using the cooperative dividend more effectively.
The involvement and presence of local Rabobanks in their local communities and the
environment in which customers and members live will not be threatened by this.
Wholesale banking and international retail banking division and subsidiaries
The wholesale banking division in the Netherlands and the subsidiaries contribute to the
retention of our leading position in the Dutch market. Outside the Netherlands, Rabobank
wants to strengthen its position as an innovative and leading food and agri bank. In the
corporate market in the Netherlands, Rabobank intends to defend and strengthen its position
where possible, with less of an explicit focus on lending where this is possible. The growth
potential for the international wholesale banking division and De Lage Landen will be limited.
There is some growth potential reserved for the rural and retail banking division for
strengthening operations in a small number of key countries so that scale benefits can be
realised. The activities of the international wholesale banking and international rural and retail
banking divisions and the subsidiaries will have to focus mainly on food and agri, serve the real
economy and be manageable and responsible from a risk perspective. The contribution of the
various activities to the achievement of group targets will moreover come under greater
scrutiny. Synergies between the various group entities will also be strengthened further.
With regard to investment products, the local Rabobanks have been offering their customers
the option of choosing between various providers for many years. As a consequence, the role of
Robeco within Rabobank Group has gradually changed. Furthermore, the introduction of the
ban on inducements on 1 January 2013 has permanently changed the distribution model for
investment funds. Partly in the light of these developments, the strategic options for Robeco
were reviewed in 2012, and this ultimately led to completion of the sale of Robeco to Orix
Corporation on 1 July 2013.
Rabobank Group has a 29% shareholding in Achmea. Achmea is Rabobank's strategic partner in
the area of insurance products.
19 Strategy
