24 February 2003
One of Australia's leading rural financial institutions, the Primary Industry Bank of Australia Limited (PIBA) is to change its name to Rabobank Australia Limited.
The re-branding, which will occur in early March, will see PIBA's 35 branches around Australia move to the Rabobank brand name.
The move will not, however, affect PIBA's clients or services. The international Rabobank - the world's leading specialist food and agribusiness bank - has owned and operated PIBA for the past eight years.
Rabobank general manager, rural Australia Neil Dobbin said the re-branding was a name change only.
"There will be no change to the structure of the organisation, our customers' accounts or any of the products and services we deliver as a result of the re-branding," he said.
Mr Dobbin said many of PIBA's services - including its highly-regarded specialist agribusiness research - had already been delivered to clients under the Rabobank banner.
"Clients already experience the benefits of dealing with Rabobank, including our global and local research capabilities, AAA rating and more than 100 years' experience financing primary producers," he said.
Mr Dobbin said the PIBA name change reflected a decision by the organisation to move to a single brand name in the Australian market. The Rabobank Group has existing Australian business banking, corporate banking & finance and treasury businesses operating under the Rabobank brand.
"Rabobank is committed to rural Australia and to developing our presence and services in this area," he said.
"This includes growing our branch network and expanding our client services."
The bank has been steadily growing its network of Australian branches, selecting new locations based on research which showed the rural areas in greatest need of its services.
Seven new branches began operation in the past 12 months, with another three scheduled for opening in early 2003.
Mr Dobbin said the branch offices enabled the bank to develop extensive local knowledge of primary production in each region and better deliver individual on-farm service to clients.
Rabobank Australia is a part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 100 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank has a AAA credit rating and, in recent years, has twice been awarded the title of the world's safest bank by Global Finance magazine. Rabobank operates in 33 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1900 offices and branches.
Contact
For further information please contact Denise Shaw, Public Relations Manager (Tel: +61 2 8233 8744) or email on sydney.mediarelations@rabobank.com.