The Rabobank Story. From 19th Century Rural Cooperative to 21st Century Global Leader. Edition: 2009 Americas

Transcription

1 For more information, please visit our website All Rights Reserved. Printed in the U.S.A. 08RABSTOR08 12/08 Edition: 2009 Americas The Rabobank Story From 19th Century Rural Cooperative to 21st Century Global Leader Rabobank was originally founded over 100 years ago as a rural credit cooperative by Dutch farmers who sought to provide their rural communities with access to fair and reliable sources of credit, and to help build and support each other s businesses.

2 Rabobank: History and Growth In the mid-1800s, Friedrich Wilhelm Raiffeisen, mayor of a German town, recognized that the financial needs of rural farmers were not being met by the larger, urban financial institutions of that time. He devised a system in which the savings of rural farmers were collected in order to provide a sound financial base for credit, establishing the first cooperative bank. For its time, this was a new approach to banking, combining idealistic principles within a business framework. In 1896, Raiffeisen s banking concept found its way to the Netherlands. Soon, farmers cooperative banks were being established all over the country, operating according to Raiffeisen s principles of collecting savings from rural citizens to establish a fund to provide loans at reasonable interest rates a bank both of the customer and for the customer. The local cooperatives grew and organized joint associations to help them better mitigate their individual financial risks. In 1898, two central organizations were established. The Cooperative Association of Raiffeisen Banks was comprised of member banks in the northern region of the country and was headquartered in Utrecht. The Cooperative Central Farmers Credit Bank, or Boerenleenbank, was comprised of member banks in the southern region, with headquarters in Eindhoven. The difference between the two organizations was more than just geographic, however, and reflected social, religious and political divisions in the country as well. The Move to Centralization During the latter half of the 20th century, the political and religious tensions that had previously divided the Netherlands and all of Europe gradually eased, particularly following World War II. Competition between financial institutions was on the rise and many Dutch regional banks were merging to fulfill increasing demands for credit. Amid this environment, the two central organizations in Eindhoven and Utrecht also decided to make a major change. In 1972, they merged and formed one central cooperative bank the Cooperatieve Centrale Raiffeisen-Boerenleenbank, or Rabobank. Internationalization Soon after the merger in 1972, Rabobank became increasingly aware of the need to establish an international presence in order to meet the growing and more complex needs of customers, who were expanding their business presence overseas. The first international activities occurred through a joint venture, Rabomerica, a 1974 partnership between Rabobank and Bank of America. Rabobank s first office outside the Netherlands opened in Curaçao in Then, Rabobank opened an office in Frankfurt, Germany in 1980, followed by full-fledged branches in New York in 1981, and London in The 1990s saw a more rapid international expansion, with offices opening in São Paulo, Santiago, Buenos Aires, Mexico City, Singapore, Hong Kong, Hamburg and Sydney. While much has changed in the last 110 years, the principles upon which Rabobank was founded have remained intact. Rabobank remains true to its core mission: to create value for its customers, employees and the communities where it does business. Rabobank takes pride in its tremendous financial strength and stability, because of the benefits that its clients derive from these assets. Rabobank s strength is built upon the commitment and knowledge of its employees, whose passion for customer service and deep industry expertise are significant competitive advantages for their clients. Rabobank is committed to the long-term viability and sustainability of agriculture around the world, and will aggressively defend its position as the premier financier of the global food and agriculture industry. Rabobank strives to remain a leader in the area of corporate social responsibility, and to excel in sustainable entrepreneurship and banking throughout the world. Through Rabo Development and the Rabobank Foundation, the bank encourages sustainable development in the world s developing markets, and helps to improve access to financial services for people in underserved regions. Rabobank s aim, in short, is to achieve an enduring balance between social, ecological and economic objectives, and to improve the social prosperity of people everywhere.

3 Rabobank Becomes an All-Finance Provider In the 1990s, Rabobank developed into an all-finance provider, offering a full suite of integrated banking, investment and insurance products, and leasing services. The goal was to become a financial department store where, in addition to more standard offerings, customers could obtain highly specialized products, which demand a high degree of sophisticated and tailored financial structuring. As the nature and complexity of customer needs grew, the size and scope of the Rabobank organization grew in tandem. A number of specialized subsidiaries were added to the group to meet these needs, including: Asset Management Robeco Schretlen & Co. Sarasin IRIS Leasing De Lage Landen (Athlon) Real Estate Rabo Bouwfonds (FGH Bank) Insurance Eureko (Interpolis) Housing Obvion Zoekallehuizen.nl Business Bizner Rembrandt M&A Rabobank Reaffirms Cooperative Structure In 1995, Rabobank began an internal discussion on the future of the organization as a cooperative. At issue was whether the cooperative structure still had meaning in the 21st century; by the end of the 1990s, financial services were available to most consumers and businesses in developed markets via numerous channels, so the question arose as to whether Rabobank s century-old cooperative mission was still a vital and necessary one. Some in the organization felt that Rabobank could achieve stronger growth and competitiveness if it were able to increase its equity and capital by becoming a publicly traded company. However, there were also many who felt it was important not to move away from Rabobank s founding vision: a customer-driven, cooperative organization providing a reliable source of credit to rural borrowers, and placing customer service over profits. This debate lasted three years, during which the various arms of the bank, including the boards of the local Dutch banks, were actively involved in discussions. The outcome of these discussions in 1998, on the eve of Rabobank s 100-year anniversary, was crystal clear. Rabobank s commitment to remaining a cooperative financial services provider and to serving customers remains its number one priority.

4 Today, Rabobank is a global financial services leader and one of the world s 25 largest banks, with over USD 800 billion (EUR 570 billion) in assets and operations in over 35 countries. Rabobank Group: Overview From Rabobank s agricultural roots to its current position as a premier lender to the world s food and agriculture industry, the bank remains true to its core mission: creating value for customers, employees and the communities in which they do business. This brochure provides a look at Rabobank s history and cooperative origins, an explanation of the bank s commitment to creating customer value, and an introduction to Rabobank s businesses, products and services throughout the Americas.

5 Rabobank: Brand Values Rabobank s Mission Rabobank Group: Products and Services Rabobank offers a broad range of value-adding, sophisticated financial solutions to individuals, small- and medium-sized businesses, corporations, financial institutions, investors, and agricultural producers in key markets around the world. Retail Services Consumer banking Mortgage lending Business banking Real estate lending Agricultural lending Investment and asset management Insurance Leasing Commercial real estate development financing Wholesale Services Credit Trade and commodity finance Corporate finance Investment banking Treasury management Capital markets products Leveraged finance Structured finance Private banking Mergers and Acquisitions advisory Consulting Rabobank Group: Key Facts * One of the 25 largest banks in the world Over USD 800 billion (EUR 567 billion) in assets Nine million customers 60,000 employees Presence in over 35 countries Triple A credit rating from both S&P and Moody s Ranked as one of the world s safest banks #1 Internet bank in Europe #1 Agricultural and mortgage bank in the Netherlands Leader in corporate social responsibility Rabo Development Program and Rabobank Foundation promote sustainable economic development around the world *as of June 30, 2008 Rabobank makes an unequivocal brand promise to customers. This promise is expressed in three core brand values Nearby, Involved, Leading: Nearby: Rabobank is located in the local communities where its customers are. As a valued financial partner to its customers, Rabobank has a close knowledge of their business, their market and industry, and their financial needs. Involved: Rabobank takes an active interest in learning and supporting its customers businesses, by building long-term relationships with customers and committing to providing them with personal and responsive service. Equally, Rabobank is involved in the local communities where it operates, through Rabobank s investments, resources and employees time. Rabobank strives to act responsibly at all times, and is committed to a high standard of sustainability in its business activities. Leading: Rabobank is an innovative and forward-thinking organization, in the development of new products and technologies, anticipation of clients needs, foresight into industry trends and developments, and in its own organization. The Rabobank Name Rabobank is the business and brand name of the Cooperatieve Centrale Raiffeisen-Boerenleenbank. The name Rabobank is derived from two central cooperative banking organizations that began operating in the Netherlands at the end of the 19th century. The Cooperative Association of Raiffeisen Banks The Cooperative Central Farmer s Credit Bank (or Boerenleenbank: Boer = Farmer in Dutch) These two organizations merged in 1972 and formed one central cooperative bank the Cooperatieve Centrale Raiffeisen-Boerenleenbank or Rabobank. Rabobank s central mission is to create value for its customers, communities and employees. Rabobank is guided by the goal of enabling individuals and businesses to participate fully and independently in economic activity in their local communities. Rabobank s customers best interests are the foundation of everything it does, including: Offer the best possible financial services that are relevant to customers needs. Ensure that services offered are in line with customers long-term interests. Fulfill Rabobank s commitment to helping customers realize their goals. Rabobank sets the highest standards of behavior for employees in terms of how they conduct business with clients and vendors, interactions with co-workers during the business day, and involvement and participation in communities where it operates. Rabobank s goals are to be an employer of choice, a valued and trusted business partner, and a vital participant in the world economy. The bank realizes that the achievement of these goals is directly related to the manner in which it conducts business and the way it treats customers and employees. At Rabobank, employees are the bank s ambassadors to the world. The Rabobank Logo Rabobank s logo is unique among financial institutions: a human figure traversing a sundial. Visually, the logo represents time and the central role of people in the organization. People whether they are customers, employees or community members have always been and will always be the number-one priority for the Rabobank organization. The logo symbolizes Rabobank s commitment to stand with customers over time, helping to achieve their long-term financial goals.

6 Rabobank Group: Worldwide Locations Rabobank has 60,000 employees working in over 35 business locations worldwide. Canada United States Mexico Austria Belgium Czech Republic Denmark Finland France Germany Hungary Ireland Italy Luxembourg The Netherlands Norway Poland Romania Russia Slovakia Spain Sweden Switzerland Turkey United Kingdom Argentina Brazil Chile Curaçao Paraguay Tanzania Zambia China India Indonesia Japan Malaysia Singapore United Arab Emirates Australia New Zealand

7 Rabobank Group: Structure, Governance and Regulation Distinguished by Its Cooperative Structure As a cooperative organization, the Rabobank Group is comprised of a number of entities: a central banking organization, Rabobank Nederland; 161 Dutch cooperative member banks (each called Rabobank); an international banking arm, Rabobank International; and several specialized subsidiaries. A cross-guarantee among all entities in the Rabobank Group provides financial strength, security and intra-group support. The 161 Dutch member banks are each themselves cooperative entities that provide retail and community banking to customers from thousands of locations in the Netherlands. Each of the member banks maintains their own local management, and are technically considered the owners of the Rabobank Group. Customers of each Dutch Rabobank can become members in their local bank, but they do not own stock in it or have any economic ownership. Membership includes full voting rights, enabling customers to have a voice in Rabobank s decisions and ensuring that Rabobank is able to deliver on its promise of customer value. Together, the 161 local Rabobanks serve a combined total of 1.67 million member-customers. Rabobank s central organization, Rabobank Nederland, remains responsible for supervising the financial health of the group as a whole. It also advises and supports the local member Rabobanks in the Netherlands. Additionally, it acts as treasurer to the entire Rabobank Group, conducts wholesale banking, and is the holding company for specialized subsidiaries that provide international banking, insurance, asset and investment management, mortgages, leasing, private banking, and real estate financing. Rabobank International, which conducts banking and financing in the U.S., Canada, Mexico, Argentina, Brazil, Chile, Curaçao, Mexico and other key international markets, is a division of Rabobank Nederland. Rabobank Group: Cross-Guarantee System The Rabobank Group has a cross-guarantee system which guarantees the solvency strength of the group as a whole, and the individual entities within the group. Under this cross-guarantee, the 161 member banks, Rabobank Nederland, and its affiliates are legally responsible for each other s financial commitments. Governance The Rabobank Group is governed by two boards of directors a Supervisory Board and an Executive Board. The Supervisory Board is comprised of external directors individuals who are not employed by Rabobank, who are elected by the member banks, and who guide Rabobank Nederland in its supervisory role for the Rabobank Group. The Executive Board is comprised of senior Rabobank management who are appointed by the Supervisory Board. This board is responsible for the management of Rabobank Nederland and its affiliated entities. Rabobank Group Structure Situation at July 1, 2008 Within Rabobank Group, the local Dutch Rabobanks and their customer-members make up the core of the banking business. They are the key stakeholders of the overall Group cooperative, and are at the top of the organizational diagram. The legal entity at the center of Rabobank Group, Rabobank Nederland is in the center of the organizational diagram. Rabobank Nederland facilitates the business of the local Rabobanks in the Netherlands, such as the development of new products, marketing support, and liquidity. Rabobank Nederland also provides services for the Group as a whole, as described on the previous page, and is the parent to Rabobank s international operations. Rabobank International serves a large number of corporate and retail clients all over the world. The bottom part of the diagram lists the specialized Rabobank businesses which operate in various international markets some under the Rabo name, and some under their own brands. Regulation Within the Netherlands, the Rabobank Group is regulated by the Dutch Central Bank. Rabobank is subject to Dutch tax regulations and pays taxes to the government of the Netherlands. Rabobank does not receive any governmentsponsored funding or have any tax-exempt status. Rabobank International is subject to regulation and supervision by the various governmental authorities and regulatory agencies in the respective countries in which it operates. In the United States, Rabobank and its U.S million members 161 local Rabobanks Rabobank Nederland Support of local Rabobanks Staff functions Rabobank Group Rabobank International Private individuals Small- and medium-sized enterprises Private banking Other support units Corporate social responsibility Investor relations Long-term funding Other staff units 161 local Rabobanks Food and agri Wholesale banking International retail banking Asset management Leasing Real estate Insurance Housing Business Robeco Schretlen & Co. Sarasin IRIS De Lage Landen Athlon Rabo Bouwfonds FGH Bank 9 million clients Eureko (39%) Interpolis Obvion Zoekallehuizen.nl Bizner Rembrandt Mergers and Acquisitions subsidiaries are subject to regulation, supervision and examination by the Federal Reserve Board and various state regulators based on the nature of its banking and other financial activities. In Canada, Mexico and South America, Rabobank is likewise subject to regulation, supervision and examination by various banking authorities and regulators within those countries, based on the nature of its banking and other financial activities.

8 Rabobank in the Netherlands The Rabobank Group has emerged as the market leader in the Netherlands in nearly all areas of financial services, including food and agribusiness, small- and medium-sized enterprise sectors, mortgages, payments, savings and investments. Rabobank s domestic profile*: 1,761 Rabobanks 1,130 branches 3,134 ATMs 1.67 million members 30 percent share of the Dutch mortgage market 41 percent share of the Dutch savings market 85 percent share of the Dutch agriculture market 38 percent share of the Dutch SME market #1 Internet bank in Europe #1 sustainable bank (as rated by Sustainable Asset Management group) Rabobank has long been the bank of choice for Dutch farmers the farmers bank. It is also a leader with nonfarmers on average, half of the households in the Netherlands bank with Rabobank. And, Rabobank is the second largest association in the Netherlands, boasting approximately 1.67 million members approximately 10 percent of the Dutch population. *as of June 30, 2008

9 Rabobank International Rabobank s international activities, launched in the 1970s in order to meet the growing needs of its customers overseas expansion, paved the way for future global expansion. In the 1970s, Rabobank Nederland began its first international activities in order to meet the growing and ever more complex needs of its customers, who were expanding their businesses overseas. The first international activities occurred through joint ventures, such as Rabomerica, a 1974 partnership between Rabobank and Bank of America. In 1978, Rabobank opened its first office outside the Netherlands in Curaçao. In 1981, Rabobank opened its international banking branch in New York and soon after obtained a triple A rating from the major U.S. credit rating agencies. Around the same time, Rabobank opened offices in Frankfurt and London to strengthen its lending to agribusiness clients, as well as its money market activities in these and other international markets. The 1990s saw rapid expansion, with offices opening in São Paulo, Santiago, Buenos Aires, Mexico City, Singapore, Hong Kong, Hamburg and Sydney. In 1994, Rabobank began to export its retail and commercial banking expertise outside the Netherlands with the acquisition of PIBA Bank, a financing specialist bank in Australia which dealt mainly with large agricultural companies. Together, PIBA and Rabobank acquired and developed small, non-urban banks, which were active in well-developed agricultural markets. These banks focused specifically on retail banking, agricultural lending and financial products for small and medium enterprises (SMEs). In 1996, Rabobank s Central Banking Division was renamed Rabobank International and formulated a customer-focused strategy based on corporate investment and private banking activities in the food and agribusiness industry and the media, telecom and Internet sectors. Since its inception, Rabobank International has grown into an organization with approximately 15,250 employees with operations in approximately 30 countries throughout North and South America, Europe, Asia and Australia/New Zealand. In many countries, Rabobank International has established itself as a leading financier to the food and agriculture industry, offering a diversified portfolio of financial products and services; and has also positioned itself as a specialist providing sophisticated, customer-driven solutions in the financial markets, banking and corporate finance areas. The bank has also accelerated the expansion of its retail banking activities and production agriculture lending in select countries, including Brazil, Canada, Chile, Indonesia, Ireland, Mexico, Poland and Turkey, in addition to existing retail operations in the U.S., Australia and New Zealand. Looking forward, Rabobank International will continue to invest in its wholesale and retail operations, to enhance and expand its position in key food and agricultural markets, and to capitalize on its strengths in other markets where it is a specialized player.

10 Rabobank in the Americas Rabobank has been doing business in the Americas for over 25 years. The bank s business presence in the United States began with the opening of the New York branch in Starting out as primarily a credit provider to medium-sized agribusiness companies, Rabobank expanded its product base and customer reach to broaden its services to core clientele and serve additional ones. The bank now offers a diversified and sophisticated group of financial products to the entire spectrum of the food and agriculture complex as well as to other selected retail sector clients and corporate clients. Rabobank has grown into one of the leading financiers to the food and agriculture industry throughout the Americas region, and has become a specialist in providing sophisticated, customer-driven solutions in the global financial markets and corporate finance areas. In addition, Rabobank is a valued financial partner to farmers and ranchers across the U.S., delivering a full suite of financial products tailored to the needs of agricultural producers; and from the 95 retail banking locations in California, the bank serves the financial needs of individuals, small businesses, farmers and developers in dozens of local communities across California. Beyond these core businesses of Rabobank International, Rabobank is able to partner with other Rabobank Group subsidiaries operating in the Americas region De Lage Landen, Agricredit, Robeco and Rabo Bouwfonds in order to deliver a comprehensive solution to meet its clients specialized and multi-faceted needs.

11 Rabobank s American Entities Rabobank International (U.S. & Canada) Financing all sectors of U.S. food, beverage and agribusiness manufacturing, processing, distribution and foodservice since 1981 Financing similar sectors of Canadian agribusiness since 1994 Credit, trade and commodity finance, leveraged finance, mergers and acquisitions advisory, food and agribusiness research & advisory Specialized financial solutions in the capital markets and corporate finance arenas Funding branch in New York Five regional offices in Atlanta, Chicago, Dallas, San Francisco and Toronto Operations office in Jersey City, New Jersey 530 employees Rabobank, N.A. (California) Founded by entrepreneurs over 25 years ago Retail banking for individuals and businesses Full service banking for small and medium enterprises Agricultural lending for farmers and ranchers Commercial real estate financing for developers and investors Headquartered in El Centro, California; Management offices in Roseville, California 93 branches in California 1,650 employees Rabo AgriFinance (U.S.) Financing U.S. agricultural real estate for over 100 years Providing operating and input financing for 20 years Full range of agricultural financing products Fixed- and variable-rate real estate financing Operating loans to farmers Portfolio financing to input suppliers and manufacturers Crop and livestock insurance National network of local loan officers Headquartered in St. Louis, Missouri; Regional offices in Cedar Falls, Iowa and Stockton, California Over 80 locations nationwide 300 employees Rabobank Argentina Established in 1993 Full corporate banking services Credit Syndications Mergers and Acquisitions advisory Structured trade finance, including import and pre-export financing Co-financing with multilateral, bilateral and ECAs institutions Trade services Office in Buenos Aires serving all major sectors of Argentinean agribusiness 29 employees Rabobank Brazil Entered Brazilian food and agribusiness market in 1990; formally authorized as a bank in 1995 Financial services for farmers Land financing Crop and inventory financing Infrastructure financing Working capital Advisory and consulting Derivatives/risk hedging Corporate banking services Trade finance (import and export, working capital) Corporate finance Project finance Mergers and Acquisitions advisory Financial markets services Interbank deposits Security and treasury papers Repos CDs Forex transactions Swaps Bonds 12 rural branches in six states with heavy crop presence 300 employees Strong emphasis on CSR/sustainability Rabobank Chile Established in 1994 Serving all key sectors of Chilean food and agribusiness market Banking products for large corporates, medium-sized trading companies and SMEs Specialized entities Rabotrading (commodity buying/selling) Raboinvestments (local financial company) Corporate banking services Loans in foreign and local currency Medium-term facilities Credit Syndication Trade finance and structured trade finance Trade-related loans Structured, medium-term trade-related facilities Off-balance sheet financing structures Commodity-related finance Corporate Finance Project finance Mergers and Acquisitions advisory Corporate advisory services Private placements Headquartered in Santiago; 11 offices across Chile Over 350 employees Rabobank Curaçao First international office of Rabobank, established in 1978 Banking and service center performing off-shore booking, disbursement, settlement and clearing for Latin American offices Operates under the supervision of the Central Bank of the Netherlands, Antilles Consolidation and reporting for Latin American offices 14 employees Rabobank Mexico Established in 1994 Corporate banking, corporate finance and investment banking for Mexican food and agribusiness industry Short-term, mid-term and long-term financing Securitization Derivatives Trade finance Structured finance Mergers and Acquisitions advisory Corporate advisory Financing for Mexican farmers and ranchers through joint venture with FinTerra, the largest specialized rural finance company in Mexico, with 13 offices throughout the country 30 employees Agricredit Financial services for suppliers, dealers, manufacturers and distributors in the agriculture, food production, and golf and turf equipment industries Serving the agriculture industry for almost 60 years Global expertise and resources for all types of agribusinesses Services include Retail financing programs Leasing (operating and capital) Rental programs Inventory floor plan financing Credit analysis and underwriting Account servicing Legal Risk management Asset management Financial consideration Credit Headquartered in Des Moines, Iowa De Lage Landen Global provider of leasing, car leasing, and business and consumer finance solutions, including vendor finance and factoring Leading international provider of private label leasing and financing programs Asset-based financing programs Seven industry segments Food and Agriculture Healthcare Office Equipment Technology Finance Materials Handling and Construction Financial Institutions Transportation North American headquarters: Wayne, Pennsylvania Presence in over 30 countries in Europe, the Americas and Asia Pacific region Rabo Bouwfonds One of the largest real estate companies in Europe, operating primarily in the Netherlands, Belgium, Luxembourg, France and Germany Real estate company focused on three real estateoriented core activities: development, finance and investment management Serves both the private and business markets Core activities are conducted by: Bouwfonds Property Development real estate development focusing on residential homes and mixed-use projects FGH Bank real estate financing, including commercial real estate financing for major corporates, and middle-market financing for small companies, through intermediaries Bouwfonds Asset Management real estate investment, focusing on building, structuring and managing real estate portfolios Public Fund Management development and financing of community real estate in the Netherlands, focusing on nature development, heritage sites, urban renewal and industrial heritage Robeco 80 years of asset management serving institutional and private clients Products include equity, fixed income, money market, hedge funds, private equity, structured products, commodities, fiduciary management Global leader in sustainability investments (60 percent stake in SAM Group) 100 percent interest in Corestone (Zug, Switzerland), Harbor Capital Advisors (Chicago, USA) and Transtrend (Rotterdam, the Netherlands) 13 global locations: Netherlands, Belgium, France, Germany, Luxembourg, Poland, Spain, Switzerland, United Kingdom, the Middle East, China, India, Japan Five U.S. locations, including New York, Boston, Chicago

12 Rabobank: Latin America Mexico City Curaçao Key Events in the History of Rabobank International Americas 1864 Friedrich Wilhelm Raiffeisen establishes first agricultural cooperative bank in Germany 1898 Establishment of two regional, central banks: Cooperative Association of Raiffeisen Banks & Ag Assn. Cooperative Farmer s Credit Bank (translated in Dutch, Boerenleenbank: Boer = Farmer) 1972 Merger of regional banks to form the Cooperative Central Raiffeisen- Boerenleenbank or Rabobank 1974 Rabobank and Bank of America participate in Rabomerica 1978 Rabobank opens first office outside the Netherlands in Curaçao 1993 Rabobank opens offices in Buenos Aires, Argentina and Mexico City, Mexico 1994 Rabobank opens offices in Chicago and Santiago de Chile 1995 Rabobank adopts new visual brand identity and logo; Rabobank opens offices in Atlanta 1998 Rabobank opens Toronto office 2002 December Rabobank acquires Valley Independent Bank (VIB), a retail bank in Southern California 2003 September Rabobank acquires Lend Lease Agribusiness, renamed Rabo AgriFinance 2003 December Rabobank acquires Ag Services of America, renamed Rabo Ag Services 2004 Rabobank begins rural financing for farmers in Brazil 2007 April Rabobank acquires HNS Banco and merges it with Rabobank Chile 2007 April Rabobank acquires Mid-State Bank & Trust, a retail bank in California, and merges it with Rabobank, N.A August Rabobank acquires a 25 percent stake in FinTerra, a Mexican agribusiness finance institution Rabobank s first office in the Americas was in Curaçao, which opened in Each of our offices provides a slightly different range of products and services, to varying client bases; however, each office is primarily focused on food and agriculture financing. Santiago São Paolo Buenos Aires Rabobank International Rabobank Brazil Rabobank Chile 1860 Rabobank International Americas 1896 First agricultural credit cooperative established in the Netherlands by and for farmers, based on Raiffeisen s concept Rabobank expands its international activities to serve customers overseas and fulfill mission of financing global agriculture 1981 Rabobank enters the U.S. focusing on commercial food and agribusiness companies; opens New York branch; wins triple A rating 1988 Rabobank opens Dallas office 1989 Rabobank opens offices in San Francisco and São Paulo, Brazil Rabo AgriFinance and Rabo Ag Services integrate and become Rabo AgriFinance 2005 April Valley Independent Bank rebranded as Rabobank, N.A February Rabobank acquires Community Bank of Central California, a retail bank in the North Central Coast, and merges it with Rabobank, N.A. 2010

13 Rabobank: Investing in the Future