Annual Report Rabobank Group

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1 Annual Report 2008 Rabobank Group

2 Annual Report Key figures 4 Rabobank Group at a glance Rabobank Group 6 Chairman s foreword 9 Strategic Framework 13 Management 16 Profile About the Rabobank Group 6 22 Financial developments in Rabobank Group 28 Domestic retail banking 34 Wholesale banking and international retail banking 40 Asset management and investment 45 Leasing 49 Real estate 53 Insurance 55 Risk management 65 Responsible banking for a sustainable future 71 Why employees are key to our success 74 The members of the cooperative 76 Sponsoring Report of the Executive Board Corporate governance 83 Report of the Supervisory Board of Rabobank Nederland Control aspects Consolidated balance sheet 90 Consolidated profit and loss account 91 Consolidated statement of changes in equity 92 Consolidated cash flow statement 93 Business segments 94 Auditor's report Annual figures 88

3 Key figures Tier I ratio in % Net profit in millions of euros 3,000 2,500 2,000 1,500 1, Lending in billions of euros Due to customers in billions of euros Return on equity in % Amounts in millions of euros Volume of services Total assets 612, , , , ,574 Private sector loan portfolio 408, , , , ,958 Due to customers 304, , , , ,482 Assets under management and held in custody for clients 183, , , , ,300 Financial position and solvency Equity 33,459 31,409 29,377 26,349 23,004 Tier I capital¹ 30,358 28,518 26,391 24,860 21,404 Qualifying capital¹ 30,912 29,190 27,114 25,272 21,205 Risk-weighted assets¹ 238, , , , ,052 Profit and loss account Income 11,652 11,022 10,049 9,363 9,222 Operating expenses 7,611 7,663 6,887 6,242 6,177 Value adjustments 1, Taxation Net profit 2,754 2,696 2,345 2,083 1,793 Ratios Tier I ratio¹ 12.7% 10.7% 10.7% 11.6% 10.9% BIS ratio¹ 13.0% 10.9% 11.0% 11.8% 10.8% Net profit growth 2% 15% 13% 16% 12% Return on equity 9.7% 10.2% 9.4% 9.7% 9.1% Efficiency ratio 65.3% 69.5% 68.5% 66.7% 67.0% Nearby Member banks Offices 1,112 1,159 1,214 1,249 1,299 Cash dispensing machines 3,097 3,107 3,139 3,116 3,062 Members (x 1,000) 1,707 1,638 1,641 1,551 1,456 Client satisfaction private individuals Foreign places of business Market shares (in the Netherlands) Mortgages 30% 28% 26% 23% 25% Savings 43% 41% 39% 39% 39% Small and medium-sized enterprises 39% 38% 38% 38% 40% Food & agri 84% 84% 84% 83% 84% Ratings Standard & Poor s AAA AAA AAA AAA AAA Moody s Investor Service Aaa Aaa Aaa Aaa Aaa 1 These figures have been based on the Basel II requirements with effect from These data cover 92% and 91%, respectively, of the number of FTEs of the Rabobank Group. 3 These data cover 90% of the number of FTEs of the Rabobank Group. 2 Rabobank Group Annual Report 2008

4 Amounts in millions of euros Personell data Number of employees (in FTEs) 60,568 54,737 50,573 45,580 50,216 Employee satisfaction 86% 85% 87% 81% 85% Absenteeism 3.8% 3.8% 3.6% 3.7% 3.8% Females employed 55.1% 55.4% 55.6% 56.3% 55.6% Females in senior positions (> scale 7) 22.1% 20.7% 19.9% 19.0% 17.8% WIA-influx 0.20% 0.15% 0.18% Training expenses Training expenses in EUR per FTE 1,649 1,790 1,518 1,509 1,374 Products and services specifically geared to sustainability Investment Rabo Green Bonds (cumulative) 3,622 3,518 3,130 2,644 1,984 Robeco sustainable assets 2,620 5, Robeco sustainable equity funds Sarasin sustainable assets 4,363 4, Sarasin private equity funds Third party sustainable investment products (via Schretlen & Co and Rabobank Private Banking) Robeco sustainable capital subject to engagement 9,555 15,125 5, Sarasin sustainable capital subject to engagement 1, Rabo sustainable seed capital, venture capital and private equity Payments, savings, loans Green financing (outstanding) 3,373 2,882 2,409 2,184 1,814 Green saving Climate mortgage loan - number amount Stimulation loan, start-up loan, and Growth & Innovation loan (loans managed by Stichting Garantiefonds Rabobank) Loans with Landbouw BF/BF+ surety fund Non-commercial sustainable activities (in millions of euro s) Rabobank Foundation, loans and donations Project Funds, donations Donations by local Rabobanks Donations Rabobank Netherlands, Rabobank International and other Group entities Business operations CO₂-emissions attributable to business operations (tonnes CO₂ x1,000) CO₂ per FTE (tonnes CO₂) Electricity usage (kwh per FTE)² 5,050 4,705 4,580 4,276 3,352 Share of green electricity² 85% 85% 86% 96% 25% Gas usage (in m³ per m² gross floor area)³ A4 Paper usage (kg per fte)⁴ Lease portfolio A, B and C cars (% of total) 73.3% 70.8% These data cover 99% of the FTEs of Rabobank Netherlands, local Rabobanks and Group entities Netherlands related to the share that is purchased centrally. 3 Key figures

5 Rabobank Group at a glance Net profit up 2% in millions of euros Private-sector lending portfolio up 11% in billions of euros , , , , , , , As a stable market party, Rabobank Group achieved strong growth in its amounts due to customers, which increased by 10% to EUR billion. The Tier I ratio was 12.7% and return on equity was 9.7%. Rabobank Group Rabobank Group is an international financial services provider operating on the basis of cooperative principles. The operations include retail banking, wholesale banking, asset management, leasing, real estate and insurance. In the Netherlands, the strategic focus is on all-finance services and, internationally, on expanding its leading position as a food & agri bank. The organisation employs around 61,000 FTEs and has operations in 45 countries. Rabobank Group comprises independent local Rabobanks plus their central organisation Rabobank Nederland and the subsidiaries. Rabobank Group has a 39 per cent stake in insurance company Eureko. Net profit up 13% in millions of euros Private-sector lending portfolio up 10% in billions of euros , , , Despite the turbulence in the financial sector, the local Rabobanks succeeded in strengthening their market positions. Our strong position in the savings market was extended further. Lending showed a strong growth, particularly on the business side. Rabobank Group strengthened its number one position in the mortgages market. The Rabobank 2010 programme, which is aimed at customer service improvement, became available for all local Rabobanks. Domestic retail banking The domestic retail banking business comprises the local Rabobanks, Obvion and Bizner. The 153 independent local Rabobanks have over 1,100 branches and around 29,000 FTEs, and operate more than 3,100 cash dispensing machines. The local Rabobanks serve 7.5 million Dutch clients, both private and corporate, offering a comprehensive package of financial services. Rabobank is the largest mortgage bank, savings bank and insurance agent. It is also the leading bank for the small and mediumsized enterprises sector in the Netherlands. Obvion focuses exclusively on collaboration with independent brokers and it is the largest mortgage lender in this field in the Netherlands. Bizner is an internet bank where businesses can handle their own banking transactions online. Net profit down 92% in millions of euros Private-sector lending portfolio up 11% in billions of euros The financial crisis depressed results in Global Financial Markets and caused an increase in the impairment losses. As a result, Rabobank International s profit decreased. Rabobank International expanded its international retail banking activities further. It increased its existing interest in the Polish Bank BGZ to a 59% majority interest. 4 Rabobank Group Annual Report 2008 Wholesale banking and international retail banking Rabobank International the Group s wholesale banking and international retail banking business focuses on the food & agri sector. This Group entity has branches in 27 countries and employs more than 15,000 FTEs world-wide. Besides regional activities, Rabobank International has divisions with global operations, such as Global Financial Markets, Structured Finance, Leveraged Finance, Renewable Energy & Infrastructure Finance, Direct Banking and Trade & Commodity Finance. The retail activities are performed under the Rabobank label, with the exception of the Irish ACCBank, which is a fullyowned subsidiary, and the Polish Bank BGZ, in which Rabobank International has a 59 per cent stake. In addition, Rabobank International has equity investments in private equity.

6 Net profit up 21% in millions of euros Assets under management and held in custody for clients down 21% in billions of euros The decrease in assets under management, which was due to the fall in share prices, was partly offset by the inflow of assets. The strong performance of Robeco s alternative investments and the gain from the sale of Alex contributed to the result. Sarasin achieved a record inflow of assets and received several awards for its outstanding investment performance. Asset management and investment Rabobank Group s asset management business is 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. Together, these entities employ around 3,600 FTEs. Rabobank Group has a 46% stake in Sarasin and a voting share of 69%. Net profit unchanged in millions of euros Loan portfolio up 13% in billions of euros De Lage Landen reported satisfactory growth, with higher margins on new contracts. The lease car portfolio increased by 6% to 211,000. De Lage Landen s customer focus earned it the Vendor Lessor of the Year Award. Leasing De Lage Landen is responsible for Rabobank Group s leasing business. Asset financing products help manufacturers, vendors and distributors to boost sales in more than 30 countries all over the world. In addition, De Lage Landen operates its international car lease business Athlon Car Lease in eight European countries. In the Dutch home market, De Lage Landen offers a broad range of leasing and trade financing products. Through the Freo brand, among others, it supports Rabobank Group s efforts to be the Dutch market leader in consumer credits. De Lage Landen employs around 4,700 FTEs. Net profit for Rabo Real Estate Group down 65% in millions of euros Loan portfolio up 22% in billions of euros As a result of worsened market conditions, Rabo Real Estate Group sold fewer owner-occupied houses: 8,746, down from 13,173 in The loan portfolio grew further and the margin on new financings was higher. Real estate assets under management were up 35% to EUR 6.8 billion. Real estate Rabobank Group s private and corporate real estate activities are performed by Rabo Real Estate Group. This real estate enterprise focuses on three core businesses: the development of owneroccupied houses and commercial real estate, finance and asset management. In these markets, Rabo Real Estate Group operates under the brands Bouwfonds Property Development, MAB Development, FGH Bank and Bouwfonds REIM. Rabo Real Estate Group employs more than 1,700 FTEs and operates mainly in the Benelux countries, Germany and France. 5 Rabobank Group at a glance

7 About the Rabobank Group Chairman s foreword 2008 may rightly be called a historic year. The subprime crisis in the United States escalated to become a deep and world-wide financial crisis. Regrettably, it has meanwhile developed into an economic crisis. The banking sector suffered unprecedented and far-reaching consequences. Across the globe - and in our country, too - bankruptcies, government interventions and nationalisations were of the order of the day. It is difficult times like these that the benefits of a cooperative bank clearly come to the fore. Our societally oriented business culture, which is based on the Rhineland model, our democratic consultative structure, our prudent risk management, our sustainable remuneration policy all these factors, combined with our strong financial performance and solvency, have contributed to Rabobank Group s continuing stable performance. In addition, we continued to serve our clients without the help of others. Strategy adjustment called for The radically changing market conditions clearly necessitate an adjustment to our strategy. Like other banks, Rabobank will have to finance a large proportion of its growth in lending from the increase in its amounts due to customers. Even more than in the past, we shall focus on our core activities and on specific growth markets. Where possible, we are expanding our position as the leading provider of allfinance services in the Netherlands. We are claiming the position as the world s best food & agri bank. As a bank that operates in a socially responsible manner, we are making an extra commitment to clean technology and sustainable energy. We use the highest standards for our CSR policy and these will be embedded in our core processes even deeper. We believe that the adjusted strategy will strengthen our national and international market positions and will provide a sound basis for the future. Slight increase in net profit in a difficult year Although 2008 was a very difficult year for the financial sector globally, Rabobank Group realised a 2% rise in net profit to EUR 2.8 billion. Return on equity was 9.7% and the liquidity position lost none of its soundness. Amounts due to customers were 10% higher, at EUR billion. Also, we kept our good access to the capital market. Rising credit prices caused interest margins to improve, particularly for Rabobank International. Our Tier I ratio, the capital ratio that we as a cooperative bank set such great store by, remained very strong, at 12.7%. Last October and November, rating agencies Standard & Poor s and Moody s, respectively, both reconfirmed our triple A rating, with a stable outlook. 6 Rabobank Group Annual Report 2008

8 Bert Heemskerk (H.), Chairman of the Executive Board of Rabobank Nederland. Robust growth in loan portfolio and capital position remains strong The loan portfolio was 11% higher in 2008, at EUR billion. Growth in corporate lending for the local Rabobanks was stronger than in Lending likewise increased at Rabobank International, FGH Bank, De Lage Landen and Obvion. The food & agri position abroad was extended further. Early in 2008, for example, we increased our stake in the Polish Bank BGZ to a majority interest. This bank fits our ambition to be a global leader as a food & agri bank. Influenced by the financial crisis, trading results at Rabobank International declined, as did, project results at Rabo Real Estate Group. Income from the participation in Eureko was negative. Non-recurring gains, such as from the sale of Alex and the consolidation of Bank BGZ, made a positive contribution to earnings. Growing loan losses, which were associated with the worsening economic conditions, caused impairment losses, at 31 basis points of average lending, to be higher than the long-term average of 21 basis points. Helped by retained earnings and the issue of hybrid capital, equity showed in 2008 a 7% net increase to EUR 33.5 billion in Growth in market shares In 2008 Rabobank s market share in the Dutch savings market increased by 2 percentage points to 43%. The local Rabobanks and Obvion succeeded in strengthening their share of the contracting mortgages market from 28% to 30%. Thanks to robust growth in lending to Dutch enterprises, Rabobank strengthened its position in the corporate market further. Our market share in the small and medium-sized enterprises sector increased by 1 percentage point to 39%. De Lage Landen saw a further increase in the volume of its leasing activities. Rabo Real Estate Group sold fewer owner-occupied houses than in 2007, but the real estate financings and the real estate assets under management were both higher. At Group level however, assets under management decreased as a result of the negative returns on stocks. The demand for Robeco s traditional investment products declined. Our Switzerland-based sustainable private bank Sarasin realised a record inflow of assets. The cooperative is there for its clients The value of our cooperative bank manifested itself clearly in In these tumultuous times, Rabobank has shown itself to be an extremely stable factor in the banking sector. As a cooperative, we serve the interests of our members and clients with our explicit focus on the long term. To us, customer satisfaction is an important guiding principle. Under the Rabobank 2010 renewal programme, the local Rabobanks made the first steps towards a better, and modern customer service. I am pleased to see that, in 2008, Rabobank continued to be among the top 3 of customer-friendliest enterprises and also had the best 7 About the Rabobank Group

9 public image among the Dutch banks. Clients likewise indicated their satisfaction with the services of our subsidiaries, such as De Lage Landen. Social engagement and responsibility As a cooperative bank, Rabobank uses clear sustainability and social responsibility criteria for enterprises we finance. The end of 2008 marked the tenth anniversary of our Ethics Committee, which advises on social and moral issues. The expansion of our sustainable investment activities included the acquisition of a stake in Econcern. Robeco likewise positioned itself more emphatically as a sustainable investor. We have started a dialogue with stakeholders on CSR issues and have joined what is known as the Equator principles and the Round Table on Sustainable Palm Oil, among others. Through the Rabobank Foundation, we continued our promotion of cooperatives and microfinance in a number of developing countries in Rabo Development has built up interests in foreign partner banks, acquiring a 40% interest in the Paraguayan Banco Regional and a 35% interest in Banque Populaire du Rwanda in Also, the local Rabobanks again distributed profits, in the form of cooperative dividend, for the benefit of people and society. Economic recovery possibly not until 2010 In 2009, virtually all western economies will have to cope with a recession, and many emerging markets will see a slowdown. An economic downturn occurring in so many countries simultaneously must lead to a fall in international trade. It is anticipated that the impact of the oil price shock in 2008 will in 2009 be followed by the consequences of the continuing state of unrest in financial markets. Of course, all this will not leave the open economy of the Netherlands unaffected. Although the Netherlands had a relatively good starting position when the recession set in - a high gross domestic product and a low unemployment rate this bright picture suddenly, darkened during the fourth quarter of It has since become evident that, with a rising unemployment rate in the offing, the Netherlands, too, is going through a recession. It is difficult to predict how deep this recession is going to be and how long it will last. Much will depend on recovery in the financial markets. If these show an upswing, the world economy could begin to slowly recover in And then the Dutch economy too, driven by growing exports, could find the way up again. Effects on Rabobank Group in 2009 There is no doubt that in 2009, Rabobank Group will feel the consequences of the unfavourable economic climate in the Netherlands and the sombre prospects for the world economy. Our solvency and liquidity are expected to remain strong. In the Netherlands, the competition for savings is likely to continue. The recession will impact our growth in lending and will result in impairment losses that maybe above our long-term average. In these exceptional circumstances, cooperative banking demands extra care in balancing risk against return. It is necessary for us to maintain our robust capital position if we wish to keep on serving our clients well, also in the long term. In 2009, we shall continue to fulfil our role as a socially committed bank that operates responsibly. Bert Heemskerk, Chairman of the Executive Board of Rabobank Nederland 8 Rabobank Group Annual Report 2008

10 Strategic Framework Rabobank Group s course into the future has been plotted in its Strategic Framework The shift in the Dutch banking landscape, which set in last year, and the turbulent developments in the international financial markets now call for adjustments to this framework. Accordingly, at the end of 2008, adjustment proposals for a revised Strategic Framework covering the period were brought up for discussion within the organisation. Under these proposals, the principles will be tightened and refocused in several areas. We firmly believe that this adjusted Strategic Framework will enable Rabobank Group to secure a strong market position for the long term, both nationally and internationally, and to maintain a sound basis for continuity and the creation of customer value. Strategy principles Since its start in 1898, Rabobank Group has grown from a collection of small, cooperative rural banks into a prominent all-finance service provider in the Netherlands and a leading food & agri bank with international operations. Hence, our Strategic Framework positions Rabobank Group as the global food & agri bank with its roots in the Netherlands, using the following strategy principles. Cooperative identity In order to ensure its distinguishing cooperative identity, Rabobank, as a large, independent bank, aims to play a part in the European process of consolidation that is expected for the future. To Rabobank as a cooperative, the client s interest is a guiding principle, and its structure and way of working are focused accordingly. Through their influence and control, members enforce discipline on the cooperative. Austere management and efficiency are integral elements of the bank s cooperative character. Its service provision is oriented for long-term continuity. Dutch all-finance service provider As an all-finance service provider, Rabobank Group offers a comprehensive package of financial products and services. The diversification within the Group benefits its financial stability. Its broad range of knowledge and expertise results in innovation and synergy benefits. Market leadership remains important to Rabobank Group, but not at the expense of unhealthy margins, for it must never lose sight of its cooperative mandate. Global food & agri bank International growth is necessary because opportunities for growth in the domestic market are set to gradually level out. Moreover, food & agri is an attractive niche because of Rabobank s global knowledge leadership, which it owes to its agricultural roots. In addition, Rabobank Group aims to be a global leader in sustainable energy and clean technology, partly in order to ensure sustainable economic development. 9 About the Rabobank Group

11 High credit rating Under the present economic conditions a high credit rating is even more important. Thanks to its triple A status, Rabobank has an edge in terms of access to financing at relatively favourable rates, particularly in difficult times. A robust balance sheet, stable profit growth and a high Tier I ratio are prerequisites for it to be able to sustain this exceptional position. Social responsibility As a cooperative, Rabobank feels a great social responsibility for the global promotion of sustainable economic development. It ranks among the top 3 of the world s most sustainable banks. CSR policy within Rabobank Group, including its core banking processes, must meet the highest possible standards. People are critical to our success Rabobank Group s strategic aspirations can be achieved only with talented, vibrant and motivated people. There is a growing demand, particularly in senior management positions and specialisations, for highly educated and highly qualified staff. Because of the structurally tighter labour market, inflow from outside is becoming less of an assumption that can be relied on. It is therefore important for the future of Rabobank Group to develop in-house talent and to retain that talent. In alignment with the Strategic Framework, there is a special programme to ensure succession at the senior and executive levels. Its further aim is to facilitate succession management for senior and executive managers and to promote internal mobility. Rabobank Group intends to develop similar programmes for middle management. In light of internal developments such as Rabobank 2010 and Rabo Unplugged, a properly functioning training program with clear roles and responsibilities should ensure an adequate training offer that aligns with the organisational need for highly educated and highly qualified staff. Strategy adjustment The turbulent developments in the financial markets and the changes in the Dutch banking sector have been reasons to initiate an adjustment of the Strategic Framework. At the end of 2008 and in connection with the change in circumstances, adjustment proposals for a revised Strategic Framework covering the period were brought up for discussion within Rabobank Group. These have yet to be finalised by the Central Delegates Assembly. Stronger focus on funding As a result of the change in market conditions, Rabobank Group is putting even greater emphasis on sound balance sheet ratios. Growth in lending largely depends on growth in amounts due to customers. It is important that both the local Rabobanks and Rabobank International provide for a significant part of their own funding. Expansion of the activities of subsidiaries will be aligned with the volume of funding available at Rabobank Group. Greater focus on the corporate market In the Netherlands, Rabobank aims to be the largest and most important bank for corporate enterprises. A stronger position in the corporate market offers private banks additional opportunities to the entrepreneur in private as well. Further growth is likewise sought in the private-banking segment through differentiated customer service, collaboration with subsidiaries and improved quality of advice. Implementation of Rabobank 2010 Rabobank wishes to develop further as a cooperative. Its primary target is to help clients achieve their aspirations and is indeed its license to operate. The Rabobank 2010 programme will enable local Rabobanks to offer an optimum response to the changing clients wishes. At the same time, the programme introduces an optimised servicing model and produces cost reductions from standardisation. In order to maintain their market leadership, the local Rabobanks must operate at competitive rates. International: focus on food & agri Rabobank International will focus more on Rabobank Group s core activities. In the Netherlands, this means supporting the ambition to be the largest and most important corporate bank. Abroad, Rabobank 10 Rabobank Group Annual Report 2008

12 International is to focus more on food & agri. In addition, Rabobank International will more strongly manifest itself in the areas of sustainable energy and clean technology. The business entity Global Financial Markets will confine itself to client-related activities and liquidity management; other activities will be phased out. Rabo Development will gradually increase the number of minority interests in partner banks having a food & agri focus in developing countries. Abroad, the Rabobank Foundation will focus on countries where Rabobank International and/or Rabo Development operate. Sharper focus among subsidiaries The subsidiaries likewise will focus more on supporting the realisation of Rabobank Group s core objectives, i.e. all-finance market leadership in the domestic market and building up a distinct position as the world s pre-eminent food & agri bank. Other important main functions of the subsidiaries and participations is continuing to be the leveraging of specialisations and achieving sound financial returns. Strategic and financial core objectives The strategic core objectives are: - to achieve all-finance market leadership in the Netherlands; - to strengthen our position as the leading international food & agri bank; - further growth of, and greater synergies with, our subsidiaries. A continued, high credit rating demands an adequate Tier I ratio and a stable growth in profits. Accordingly, Rabobank Group has formulated the following financial objectives: - Tier I ratio of at least 12.5%; - return on equity of at least 10%; - 10% net profit growth. The changes in market conditions and the choices made have had financial consequences. Because the Basel II regulations entered into force on 1 January, 2008, the minimum for the Tier I ratio has been raised from 10.0% to 12.5%. The shift of activities within Rabobank International towards activities with a lower risk profile has caused us to reduce the expected annual net profit growth from 12% to 10%. Realisation of Strategic Framework Market leadership in the Netherlands strengthened Rabobank Group s market shares in the various private market segments have grown steadily since After an initial decline, to 23%, in 2005, the market share of the local Rabobanks and Obvion in the mortgages market grew to 30% in In the savings market, Rabobank Group s market share grew from 39% in 2004 to 43% in Our market share of consumer credits grew partly as a result of the online Freo label and the establishment of a specialised Consumer Finance unit at De Lage Landen. In the corporate market likewise, market shares in most segments improved by a few percentage points. The policies aimed at strengthening our position in the large cities have resulted in higher market shares for the city banks within their respective operating areas. Building on our international position as a leading food & agri bank Rabobank International has strengthened its position in both traditional and emerging food & agri markets by investing in retail banks abroad. Over the past years, it expanded its activities in the United States by acquiring Community Bank of Central California and Mid-State Bank & Trust. In 2008, a majority interest was acquired in Bank BGZ, in Poland. Smaller acquisitions of retail banking activities were made in Chile and Indonesia in In Brazil, Rabobank started a retail banking network with a strong focus on food & agri. Trade & Commodity Finance, which also focuses on food & agri, shows strong organic growth. For optimum leverage of the synergies, Rabobank is set to focus on integrating the acquisitions made. Over the past years, Rabo Development has been investing in partner banks in Tanzania, China, Zambia, Mozambique, Paraguay and Rwanda. 11 About the Rabobank Group

13 Subsidiaries: further growth and greater synergies The asset management activities were expanded in 2006 by the increase of Rabobank s interest in Sarasin. Synergies were achieved in several areas, including funds distribution. Robeco improved its investment performance and shifted its focus towards alternative investment products. It achieved this by acquiring Transtrend and SAM Group in 2007, among other things. In 2007, it was decided to sell internet broker Alex because of a growing overlap with services provided by Rabo Direct Beleggen. The planned growth of Rabo Real Estate Group was achieved by acquiring parts of Bouwfonds in 2006 and organic growth of FGH Bank. The lease activities grew, both organically and as a result of the acquisition of Athlon Car Lease in The growth in car leasing contributed to Rabobank Group s stronger position in the domestic retail market. In the area of insurance, the integration of Interpolis and Eureko was completed, with the product range now also including health insurance. 12 Rabobank Group Annual Report 2008

14 Management Membership of the Executive Board of Rabobank Nederland From left to right standing: Bert Heemskerk, Piet Moerland. Seated: Piet van Schijndel, Bert Bruggink, Sipko Schat. Members of the Executive Board and their responsibility areas Bert Heemskerk (H.) Chairman (until 30 June 2009) - Group Audit - Communication - Legal and Tax Affairs - Human Resources, corporate - Supervision & Compliance - Knowledge and Economic Research - Executive Secretariat - Rabobank International - Managing Board Rabobank International, Chairman - Regional Management Americas, Asia and Europe - CFRO domain Rabobank International - HR domain Rabobank International Piet Moerland (P.W.) Chairman (from 1 July 2009) - Cooperative & Management Member Banks - Human Resources, Cooperative & Management - SME - Business Management - CSR Bert Bruggink (A.) CFO - Control Rabobank Group - Group Risk Management - Credit Risk Management - Special Credit Management - Treasury - Investor Relations Piet van Schijndel (P.J.A.) - Private individuals - Private Banking - Group ICT - De Lage Landen - Robeco Sipko Schat (S.N.) - Rabobank International - Managing Board Rabobank International, Deputy Chairman - COO domain Rabobank International - Corporate Clients Netherlands - Global Financial Markets - Corporate Finance - Trade & Commodity Finance - Equity investments - Rabo Real Estate Group Hans ten Cate (J.C.) Mr Ten Cate retired on 1 July Secretary to the Executive Board Rens Dinkhuijsen (L.A.M.) 13 About the Rabobank Group

15 Membership of the Supervisory Board of Rabobank Nederland Membership of the Supervisory Board⁵ Name Function Year of first appointment End of current term Lense Koopmans (L.) Chairman Antoon Vermeer (A.J.A.M.) Deputy Chairman Sjoerd Eisma (S.E.) Secretary 2002 (1998)⁶ 2010 Leo Berndsen (L.J.M.) Member Bernard Bijvoet (B.) Member Louise Fresco (L.O.) Member Rinus Minderhoud (M.) Member Paul Overmars (P.F.M.) Member Herman Scheffer (H.C.) Member 2002 (1998)⁶ 2010 Martin Tielen (M.J.M.) Deputy Secretary Aad Veenman (A.W.) Member 2002 (1998)⁶ 2010 Cees Veerman (C.P.) Member Arnold Walravens (A.H.C.M.) Member The committees of the Supervisory Board are stated in the Report of the Supervisory Board of Rabobank Nederland. Directors and Chairmen Directors of Rabobank Nederland⁷ Cor Broekhuyse (C.F.) Rabobank International Ralf Dekker (R.J.) Rabobank International Ab Gillhaus (A.J.) Credit Risk Management Rob ten Heggeler (R.H.L.) Rabobank International Harold Knebel (H.A.J.M.) Rabo Wielerploegen Jos van Lange (J.H.P.M.) Rabo Real Estate Group Hans van der Linden (J.A.M.) Rabo Real Estate Group Bert Mertens (H.H.J.) Cooperative & Management Member Banks Monika Milz (M.R.) Communication Pim Mol (P.W.) Private Banking Rik Op den Brouw (H.) Private individuals Sander Pruijs (J.A.) Rabobank International Harry de Roo (J.H.) Rabobank International Karel Schellens (C.A.C.M.) (until 1 June 2009) De Lage Landen Rutger Schellens (R.V.C.) Rabobank International Gerlinde Silvis (A.G.) Human Resources Rabobank Ronald Slaats (R.A.M.) De Lage Landen Rinus van der Struis (M.) Audit Rabobank Group/Supervision (acting) Jan van Veenendaal (J.) Legal and Tax Affairs 5) Members at 1 January Mr Berndsen, Mr Koopmans and Mr Tielen will retire by rotation in Mr Berndsen has decided not to be available for reappointment for personal reasons. 6) Year of first appointment to the Board of Supervisors of Rabobank Nederland. With the change in Rabobank Nederland's corporate governance structure in 2002, the Supervisory Board replaced the Board of Supervisors. 7) As from 1 March Rabobank Group Annual Report 2008

16 Managing Board of Rabobank International Bert Heemskerk (H.), Chairman Sipko Schat (S.N.), Deputy Chairman Arjo Blok (A.J.) Cor Broekhuyse (C.F.) Ralf Dekker (R.J.) Rob ten Heggeler (R.H.L.) Sander Pruijs (J.A.) Harry de Roo (J.H.) Rutger Schellens (R.V.C.) Chairmen of major subsidiaries Jacek Bartkiewicz (J.) Bank BGZ Roy van Diem (R.) Obvion Hans van der Linden (J.A.M.) Rabo Real Estate Group George Möller (G.A.) Robeco Gerbert Mos (G.A.) Schretlen & Co Harry de Roo (J.A) ACCBank Karel Schellens (C.A.C.M.) (until 1June 2009) De Lage Landen Ronald Slaats (R.A.M.) (from 1 June 2009) De Lage Landen Joachim Straehle (J.H.) Sarasin 15 About the Rabobank Group

17 Profile Rabobank Group is an international financial service provider operating on the basis of cooperative principles. It comprises 153 independent local Rabobanks and their central organisation Rabobank Nederland and its subsidiaries. Rabobank Group employs around 61,000 FTEs in 45 countries. Its operations include retail banking, wholesale banking, asset management, leasing and real estate. It serves some 9.5 million clients around the world. In the Netherlands, its focus is on all-finance services and, internationally, on food & agri. The Rabobank Group entities have strong internal ties, that stem from its cooperative roots. Rabobank Group has the highest credit rating, Triple A, awarded by the well-known international rating agencies Standard & Poor s and Moody s. In terms of Tier I capital, Rabobank Group is among the world s twenty largest financial institutions. Local Rabobanks, Rabobank Nederland and Rabobank International The independent local Rabobanks make up Rabobank Group s cooperative core business. Firmly rooted in society, committed, near-by and a leader, each has its own work district. Clients can become members of their local Rabobank. In turn, the local Rabobanks are members of Rabobank Nederland, the supralocal cooperative organisation that advises and supports the banks in their local services. Rabobank Nederland also supervises the operations, sourcing, solvency and liquidity of the local Rabobanks. With around 1,100 branches and nearly 3,100 cash dispensing machines, the local Rabobanks form the densest banking network in the Netherlands. Together, they employ nearly 29,000 FTEs. In the Netherlands, the local Rabobanks serve approximately 7.5 million clients, both private and corporate, offering a comprehensive package of financial services. Rabobank Nederland is the holding company of a number of specialised subsidiaries in the Netherlands and abroad. Rabobank Nederland employs more than 6,000 FTEs. Rabobank International is Rabobank Group s wholesale bank and international retail bank. It employs more than 15,000 FTEs world-wide and has branches in 27 countries. Mission and ambition Rabobank Group works for the common interest of people and communities, with the objective to achieve their present and future ambitions by supplying the best possible financial solutions and by strengthening mutual collaboration. Based on its commitment, Rabobank Group aims to be a driver and an innovator that contributes to the sustainable development of prosperity and well-being. Based on this mission, Rabobank Group s ambition is to be the largest, best and most customer-driven and innovative financial institution in the Netherlands. In the international environment, Rabobank Group aspires to be the best food & agri bank, with a strong presence in the major food and agriculture countries. For this purpose, Rabobank Group uses the expertise it has accumulated in the Netherlands over many years. In addition, Rabobank Group aims at global excellence in sustainable entrepreneurship, as would befit its identity and position in society. Rabobank Group works hard to embed corporate social responsibility in its core activities even further. The Rabobank values Rabobank s stance in the world is defined by core values that are derived from its mission and ambition: respect, integrity, professionalism and sustainability. All Rabobank Group entities have endorsed these core values as the preconditions for our actions. 16 Rabobank Group Annual Report 2008

18 - Respect: Rabobank Group works with others on a basis of respect, appreciation and commitment. - Integrity: Rabobank Group aims to be fair, honest, careful and reliable in all its actions. - Professionalism: Rabobank Group serves its clients with high-quality knowledge and facilities. It strives to maintain that high quality anticipating where possible on clients future needs and to offer its services in an efficient manner. - Sustainability: Rabobank Group aims to contribute to the sustainable development, both economically, socially and ecologically, of society. It achieves this through, among other things, the Rabobank Foundation, which is funded by Rabobank Group as a whole and helps disadvantaged groups, both at home and abroad, with the aim of giving them the perspective of becoming self-supporting. In addition, Rabo Development has been established with the aim of supporting, with both people and means, the development of partner banks in emerging countries. Based on these core values, Rabobank Group offers all the financial services needed by clients as they participate in an economy-driven modern society. Rabobank respects the culture and traditions of the countries where it operates without losing sight of its own objectives and values, and laws and regulations. Rabobank Group Situation at 1 January million clients 1.7 million members 153 local Rabobanks Rabobank Nederland Support of local Rabobanks Rabobank International Rabobank Group staff functions Private individuals Small & medium-sized enterprises Private Banking Other support units Food & agri Wholesale banking International retail banking Corporate Social Responsibility Investor Relations Long Term Funding Other staff units Labels Asset management Leasing Real estate Insurance Housing Business Robeco Schretlen & Co Sarasin IRIS Orbay De Lage Landen - Athlon - Freo - Crediam Rabo Real Estate Group - Bouwfonds Property Development - MAB Development - FGH Bank - Bouwfonds REIM - Fondsenbeheer Nederland Eureko (39%) - Interpolis Obvion Moviq Zoekallehuizen.nl Bizner Rembrandt F & O The local Rabobanks and their members make up the core of the banking business. They are the cooperative s key stakeholders. Being the central (legal) entity, Rabobank Nederland is in the centre of the organisation chart. In the Netherlands, Rabobank Nederland facilitates the local Rabobanks, including the development of new products and marketing support. It performs staff functions for the local Rabobanks and for Rabobank Group as a whole, including Shared Services & Facilities, Group ICT and Cooperative & Management, Corporate Social Responsibility, Investor Relations, Long Term Funding, Human Resources, Legal and Tax Affairs, Knowledge & Economic Research and Communications. Finally, Rabobank International, with its expertise, serves a large number of corporate and retail clients all over the world. The bottom part of the diagram of the organisation describes the chief labels within the Rabobank Group operating in the various markets under their own brands. 17 About the Rabobank Group

19 Rabobank Group entities Local Rabobanks With more than 1,100 branches and nearly 3,100 cash dispensing machines, the 153 independent local Rabobanks have the densest branch network in the Netherlands and are Holland s pre-eminent near-by bank. The local Rabobanks are independent entities, each with their own operating area. Together, they employ nearly 29,000 FTEs. Being near-by and committed to their clients, they excel in quick response and decision-making. This commitment is reflected in their close ties with local clubs and institutions. Together, the local Rabobanks serve some 7.5 million Dutch clients, both private and corporate, with a comprehensive package of financial services. Many private individuals have current, savings and/or investment accounts and/or mortgages with Rabobank. Traditionally, the local Rabobanks have close ties with the agricultural sector. In addition, they finance a broad range of enterprises, from small shops in the High Street to listed enterprises. Together, the local Rabobanks are the largest insurance broker in the Netherlands. Rabobank Nederland Rabobank Nederland is the central organisation and serves both the local Rabobanks and the Group entities. Rabobank Nederland comprises market support to SMEs, private individuals and private banking clients. In addition, it performs several central staff functions for Rabobank Group. Rabobank Nederland employs more than 6,000 FTEs. Rabobank International Rabobank International - the wholesale banking business and international retail banking business - focuses its activities on the food & agri sector. This Group entity has branches in 27 countries and employs approximately 15,000 FTEs world-wide. Its activities are subdivided into the following regions: Netherlands, Europe outside the Netherlands, North and South America, Australia and New Zealand, and Asia. Across these, Rabobank International distinguishes a number of units with global operations, i.e. Global Financial Markets, Structured Finance, Leveraged Finance, Renewable Energy & Infrastructure Finance, Direct Banking and Trade & Commodity Finance. For optimum service to their clients and markets, the various regions and the units with global operations work closely together. The retail activities are performed under the Rabobank label, with the exception of the Irish ACCBank, which is a wholly-owned subsidiary, and the Polish Bank BGZ, in which Rabobank International has a 59 per cent stake. In addition, Rabobank International has interests in private equity. Subsidiaries In the Netherlands, Rabobank Group operates several financial brands in various markets. These brands are complementary and strengthen Rabobank Group as a single, coherent entity. This helps Rabobank Group achieve the customer value and continuity it pursues. Bizner Bizner is an Internet bank for entrepreneurs who prefer to manage their own banking transactions online. At Bizner, entrepreneurs can purchase, manage and change all basic financial products. Bizner employs around 30 FTEs. De Lage Landen De Lage Landen is the lease subsidiary within Rabobank Group. It offers flexible asset finance products in order to help producers, vendors and distributors in more than 30 countries around the world market their products. With its innovative financing programmes, De Lage Landen can distinguish itself in a competitive market. In its Dutch home market, De Lage Landen offers a broad range of lease and trade finance products, either directly to clients or through the local Rabobanks. Through international car lease company Athlon Car Lease, De Lage Landen operates in eight countries in Europe. In the Dutch market, De Lage Landen supports Rabobank Group in its pursuit of market leadership in consumer credits, in part through the Freo label. De Lage Landen employs around 4,700 FTEs. 18 Rabobank Group Annual Report 2008

20 IRIS The Institute for Research and Investment Services is the research unit for Rabobank and Robeco and focuses exclusively on private investors. IRIS operates as an internal service provider to Rabobank and Robeco in the fields of publishing and independent research. In December 2008, Rabobank and Robeco announced their intention to review the future status of IRIS against the background of a new set-up of investment research. IRIS employs around 30 FTEs. Moviq Moviq is an online platform in the housing market for both buyers and sellers who are moving house. Private individuals can search for a new home on Moviq. They can also find and share comprehensive information about buying, selling, moving, renovating and furnishing their homes. Moviq provides business clients with an effective and cross-media platform for generating reach, contacts and transactions with moving consumers. On Moviq, Rabobank provides users with relevant information about financing, such as mortgages, but also about the associated insurance policies. Obvion Obvion is a joint venture of Rabobank Group and ABP (the Dutch civil service pension fund). It is a provider of mortgages and several service products, including guarantees and bridging loans. Obvion focuses exclusively on collaboration with independent brokers. Employing nearly 300 FTEs, Obvion is the largest mortgage lender in this field in the Netherlands. Orbay Orbay provides business process outsourcing and integrates customer processes and individual work flows seamlessly with its clients front office operations. Orbay delivers state-of-the-art technology, a stable infrastructure and extensive experience in the banking sector, thereby assuming and executing the back office operations from a growing number of banks and financial institutions. Orbay combines the best of both worlds by turning economies of scale, shared facilities and knowhow into cost benefits and high-quality services. In this way, Orbay links its value chain to that of its clients. Orbay is located in Eindhoven and employs more than 90 FTEs. Rabo Real Estate Group Rabo Real Estate Group is a leading international real estate enterprise and one of the largest in Europe. It operates in the private and corporate markets and has three core activities: project development, finance and asset management. Within Rabo Real Estate Group, Bouwfonds Property Development is responsible for the development of owner-occupied houses, and MAB Development for the development of commercial real estate. Financing commercial real estate is done by FGH Bank. Bouwfonds REIM is responsible for real estate related investments. In addition to these three core activities, Rabo Real Estate Group contributes to social real estate development and financing through Fondsenbeheer Nederland. Rabo Real Estate Group employs more than 1,700 FTEs and operates in several European countries. Rembrandt Fusies & Overnames Rembrandt Fusies & Overnames is an organisation whose core business comprises advice and assistance in sales and purchases of enterprises. Rembrandt Fusies & Overnames focuses on owners of smaller and medium-sized family businesses seeking a solution for their succession, as well as on ambitious entrepreneurs planning to expand their businesses. Rembrandt Fusies & Overnames employs around 30 FTEs. Robeco Robeco was founded in Rotterdam in It provides investment products and services to approximately 700 institutional and some 1.5 million private clients around the world. Services to private individuals are provided both through banks and other distribution partners, and through direct channels. Robeco s product range includes equity and fixed-income investments, money market and real estate 19 About the Rabobank Group

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