Broad range of services
in the Netherlands
Moving towards the local Rabobank of the future
The recession came to an end in the second half of 2013, however economic
growth was still very limited. Consumer confidence remained low, partly
due to rising unemployment.There were increased mortgage repayments,
and business investment remained low due to the expected contraction
of domestic spending.The private sector loan portfolio declined by 1%
to EUR 303.1 billion as a result of this. Value adjustments amounted to
EUR 1,384 million, or 45 basis points of average lending.The market share
in mortgages fell to 26.0%.The market share in trade, industry and services
increased further to 44.1%. Amounts due to customers rose 1% to EUR 215.7
billion, and the market share in savings fell slightly to 37.8%.
The Vision 2016 programme had a significant effect on staff at the local
Rabobanks in 2013. The virtualisation of our service provision leads to better
customer service, but also to a sharp fall in the workforce.The restoration of
the savings margin and the transition to the new pension scheme had a
positive effect on the result.The formation of reorganisation provisions
associated with the Vision 2016 change process and the higher recharges
from Rabobank Nederland - partly due to increased costs of innovation -
had a negative effect on the result. Furthermore, Rabobank Nederland
did not pay a dividend to the local Rabobanks in 2013, as it did in 2012.
On balance, the net result of the domestic retail banking division fell by 40%
to EUR 781 million in 2013.
Strategy for domestic retail banking and Vision 2016
The core task is to protect the interests of the members and customers of the bank. Customers
must be able to access all the normal financial products and services at Rabobank. It is moreover
Rabobank's ambition to be the market leader in the Netherlands. Market leadership makes it
possible to offer customers good products from a position of strength.
On 11 December 2013, the Central Delegates Assembly approved the three pillars of the local
Rabobank of the future: participation, advice and virtualisation. The local Rabobanks participate
in initiatives that contribute to local socio-economic development. Many of the employees at
the local Rabobanks act as advisers, and more and more often their contact with customers is
through both physical and virtual networks. Rabobank is fully committed to the virtualisation of
its services, because customers are increasingly doing their banking through online and mobile
channels, and because this means they can be served better, faster and at lower cost at a time
of their choosing.
Annual Report 2013 Rabobank Group
