Rabobank Group
Rabobank Group is an international financial services provider operating on the basis of cooperative principles. Rabobank Group's operations include retail banking, wholesale banking, asset management, leasing and real estate. In the Netherlands, its focus is on all-finance services and, internationally, on food & agri. The organisation employs more than 60,000 staff in 43 countries. Rabobank Group comprises the independent local Rabobanks plus their central organisation Rabobank Nederland and its (international) subsidiaries. Rabobank Group's structure guarantees strong internal cooperative ties. All financial targets were realised. The domestic retail banking business contributed strongly to the increase in net profit. The turbulence in the financial markets caused a decline in Rabobank International's net profit.
Domestic retail banking
The domestic retail banking business comprises the local Rabobanks, Obvion and Bizner. The 174 independent local Rabobanks have over 1,100 branches and operate more than 3,100 cash dispensing machines. Overall, the local Rabobanks employ around 29,000 staff. The local Rabobanks serve millions of Dutch clients, both private and corporate, with a comprehensive package of financial services. Together, the local Rabobanks make up the largest insurance agent in the Netherlands. Obvion is a provider of mortgages and simple financial products and operates exclusively in collaboration with independent agents. Bizner is the first corporate Internet bank without account managers or branch offices, but with self-service. Rabobank Group strengthened its positions in the mortgages and the savings markets. The strong competition in the mortgages market persisted. The Rabobank 2010 project is the response of the local Rabobanks to the changing market conditions.
Wholesale banking and international retail banking
Rabobank International - the Group's wholesale banking and international retail banking business - employs more than 10,000 staff world-wide and serves clients from 29 countries. Besides regional activities, Rabobank International has divisions that are directed globally. These include Global Financial Markets, Structured Finance, Leveraged Finance, Direct Banking, Telecom Media & Internet and Trade & Commodity Finance. Rabobank International focuses on food & agri customers. The Irish ACCBank is a 100% subsidiary of Rabobank International and in Poland, Rabobank International owns a 46% interest in Bank BGZ. In addition, Rabobank International has interests in private equity. The credit market crisis caused a decline in the results of Global Financial Markets. As a result, Rabobank International's net profit was lower. The international retail banking business was developed further with the acquisitions of Mid-State Bank & Trust, HNS Banco, Hagabank and Bank Hagakita.
Asset management and investment
The asset management activities are handled by Robeco, an asset manager with global operations, as well as by the Swiss private bank Sarasin and by Schretlen & Co, the Dutch private bank for high net-worth clients. Rabobank Group has a 46% shareholding in Sarasin and a voting share of 69%. In all, more than 3,600 people are employed in Rabobank Group's asset management and investment activities. The favourable development in profit was the result of the expansion of the Group's interests in Sarasin and Transtrend, the divestments by Sarasin and the strong investment performance of the Transtrend Diversified Trend Program. The sustainable activities were expanded.
Leasing
Leasing Rabobank's leasing activities are performed in 29 countries by De Lage Landen. Asset financing products help producers, vendors and distributors in offering their products in Europe, the Americas, Asia/Pacific, Australia and New Zealand. Also included in De Lage Landen is Athlon Car Lease, an international supplier of operating car leasing that operates in seven European countries. In the Dutch heartland, De Lage Landen offers a broad range of leasing and trade financing products. Freo is De Lage Landen's new Internet concept for simple loans. De Lage Landen employs around 4,600 staff. The Car Leasing and Financial Institutions units saw strong growth. Despite the integration, car lease customers were better satisfied with the services provided. De Lage Landen's activities in the consumer loans market now include the Freo label.
Real estate
The private and corporate real estate activities are performed by Rabo Bouwfonds, a leading real estate enterprise with three core activities focused on real estate: development, finance and investment management. Rabo Bouwfonds labels include Bouwfonds Property Development, Rabo Vastgoed, FGH Bank, Nederlandse Hypotheekbank, Rijnlandse Hypotheekbank and Bouwfonds Asset Management. Rabo Bouwfonds employs around 1,800 staff and operates in several European countries. Rabo Bouwfonds had an excellent year. A great deal of effort was spent on merging the various real estate units. In the Netherlands, Rabo Bouwfonds strengthened its position in the market for real estate financing.
