Rabobank is aiming for a leading international position as food and agri bank. Due to their limited
contribution to its strategic targets and due to regulatory changes, Rabobank International
decided to discontinue its Equity Derivatives operations. In addition it was decided to introduce
further reorganisation at ACCBank and phase out its regular service provision to customers.
The continued reduction of lending to non-core activities and the agreement reached on the
sale of Bank BGZ contributed to the decrease in the overall loan portfolio. Combined customer
savings deposits at the RaboDirect savings banks again grew strongly.
A gain of some EUR 1.6 billion was achieved on the sale of Robeco to Orix Corporation.
At present, Rabobank is retaining a shareholding of just under 10% in Robeco to underline
the strategic collaboration.
De Lage Landen reported clearly improved earnings due to a moderate growth of the lease
portfolio accompanied by cost savings. The diversification of the portfolio across countries
and sectors in combination with strict risk management resulted in a limited increase in
value adjustments.
Rabo Real Estate Group was faced with major impairments on land holdings, revaluations of
land operations and a significant increase in value adjustments of claims in the financing
business, due especially to the lack of a recovery in Dutch real estate markets. Rabo Real Estate
Group accordingly incurred a record loss.
2014
Rabobank is operating in a market characterised by continuing difficult conditions and an
uncertain outlook. Rabobank is expecting fewer non-recurring items in 2014 than in 2013.
Targeting the necessary systematic improvement in profitability, Rabobank has taken a range
of cost-saving initiatives that will contribute to the operating result. Rabobank is optimistic
about its long-term earnings outlook.
The Dutch economy is expected to stage a moderate recovery in the course of the year.
This offers new opportunities for our customers and it is up to us to help them grasp these.
We are also seeing green shoots of a recovery in the housing market. The global economy is
picking up and the world's population is continuing its ceaseless growth. We have an inspiring
mission for our Food and Agri strategy. That mission, which can make a significant contribution
to the performance of the food chain, fits us like a glove.
The new top structure is being implemented which will provide integrated management for
Rabobank Nederland and Rabobank abroad. Rabobank wishes to operate as one bank in the
Netherlands and on the international stage.
The initiatives we announced for cost savings of EUR 220 million at Rabobank Nederland in
combination with the restructuring at the local Rabobanks in progress as part ofVision 2016 will
provide a major contribution to Rabobank's financial health. Unfortunately we will unavoidably
have to release many good employees. Naturally, we will do so conscientiously, as a good
employer and in close consultation with employee representation bodies.
Rabobank is going through a transformation in response to changing customer behaviour,
changing market conditions and revised regulatory requirements. Debates with customers,
members, regulators and other stakeholders have given rise to questions about us and our
culture. The Executive Board has therefore decided to implement a group-wide culture
programme that focuses primarily on the attitudes and behaviours informing our day-to-day work.
4 Annual Report 2013 Rabobank Group
