UTRECHT, Netherlands, June 16, 2005 (PRIMEZONE) -- Rabobank has gotten off to a good start in 2005. Mr H. (Bert) Heemskerk, Chairman of the Executive Board of the Rabobank Group, reported that the developments across the breadth of the Rabobank Group were "once again positive" in the first months of 2005. In his speech to the Rabobank General Meeting held this afternoon in Utrecht, the Chairman of the Executive Board said that: "We are on track. But we clearly need all hands on deck to ensure that we stay on course. Because we are definitely working against a strong headwind." Rabobank's large-scale annual General Meeting was held this afternoon in Utrecht. For the co-operative bank this meeting is comparable to a shareholders' meeting attended by representatives of all the local member banks.
In his speech, Mr. Heemskerk stated that despite the economic headwind, shrinking interest margins and tough competition in the mortgages market, the Rabobank Group could look back on a good start in 2005. In line with the previously stated expectations, the bank expects to be able to achieve a rise in profits of 10 to 12 percent this year. "But it is important to remember that we are only halfway through the year," Heemskerk added. "While the precise impact of the negative results of the referendums on the constitution in Europe is still unclear at this point, we already see a weaker euro, even lower interest rates and ailing economic development."
Rabobank is not only performing well financially. The Chairman of the Executive Board reported a number of other important milestones achieved in the first half of 2005 including the rising market share in the mortgages market, growing customer satisfaction (improved service), a closer alliance with Eureko/Achmea and the Golden Effie for the campaign featuring Jochem de Bruin.
Strategy
Chairman of the Executive Board Heemskerk explained to the meeting that Rabobank is currently reassessing its strategic framework. The results of this reassessment will be discussed in detail with the local member banks this autumn. The strategy will ultimately be presented to the Central Delegates Assembly, i.e. the 'Rabo Parliament', for adoption. "This is crucial in order to prevent the Rabobank Group from experiencing what the European Union recently discovered: that policy is construed as being carried out above the heads of the people involved."
Heemskerk went on to provide a brief outline of the strategic development of Rabobank. "We first developed from a credit co-operative into a fully-fledged retail bank. We then developed into an All Finanz institution with a growing international business. Within the context of our 'Outlook 2010' programme we now aim to emerge as an All Finanz player that both has its roots in the Netherlands and is a sustainable, international Food & Agri bank." Heemskerk says that the core foundations of the strategy will remain the same: Rabobank is committed to remaining a co-operative institution and a nearby bank and is furthermore dedicated to maintaining its AAA status.
Rabobank Development Programme
A central theme of this year's General Meeting was the Rabobank Development Programme, which is a collective name for a series of the bank's initiatives in developing countries. These programmes range from providing financial support to credit co-operatives (in countries such as India and Honduras) to the provision of technical assistance in developing countries (for example, in Egypt). Since last year Rabobank has extended the scope of its activities to include participating in rural banks in the Third World. Rabobank is currently working out the details for the acquisition of a participating interest in the National Microfinance Bank in Tanzania. Letters of intent have furthermore been signed with the Zhejiang Provincial Rural Credit Cooperative Union and the Hangzhou Rural Credit Cooperative Union in China.
"The Rabobank Development Programme reflects the spirit of Raiffeisen," says Chairman Heemskerk. 'We want to export our success formula--which is founded on banking by and for customers--to developing countries. It is a form of involved banking that optimally suits Rabobank."
The initiatives of the Rabobank Development Programme have been 'portrayed' in a special book. Heemskerk presented the first copy of this publication to Minister Van Ardenne of the Dutch Ministry for Development Co-operation. This 'bookazine' provides the (artistic) interpretation of trips taken by Rabobank customers, members and employees to countries such as India, Honduras and Egypt. These tours were guided by artists, writers and photographers including Rosita Steenbeek, Koen Vermeule and Gijs Wanders.
For more information, please contact: Rabobank Nederland, Jan-Willem ter Avest, tel: (030) - 216 17 40
http://hugin.info/133178/R/998913/152279.pdf
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