22 November 2004
Major agricultural lender Rabobank has made its long-expected expansion into transactional banking in Australia with the launch of a multi-purpose banking facility especially designed for the rural market.
Rabobank Australia & New Zealand CEO Bruce Dick said the move into the provision of transactional banking services was an important milestone in the bank's ongoing development in Australia.
In recent years, Rabobank, the world's leading food & agribusiness bank, has grown to become one of Australia's leading rural lenders and a significant provider of corporate and business banking services to the food and agribusiness sector.
Mr Dick said the addition of transactional banking capabilities was of major strategic significance to the bank, enabling it to provide full banking services to rural clients.
"This will enable Rabobank to meet all the banking requirements of the rural market, rather than our clients having to undertake their daily transactional banking elsewhere," he said.
Mr Dick said the new All In One account was one of the most comprehensive and flexible banking products available to primary producers and "answered an un-met demand in the rural market".
"It is one of the few banking products to have been purpose-built for rural customers and includes features designed to both suit the variable nature of farm incomes and provide a cost-effective transaction account," he said.
The facility combines Rabobank's market-leading interest-only loan with the enhancement of full transactional capabilities - including instant access to funds through Visa debit card, cheque and internet - in the one account.
Farmers' cash funds going into the account automatically decrease the balance on variable loans, reducing interest expenses. While, if in credit, the account balance earns competitive market interest rates. Other features include interest-only finance, flexible timing of interest payments and elimination of the need for inter-account transfers.
Mr Dick said the move into transactional banking represented a substantial investment on behalf of the bank, including a full overhaul of its core operating systems to support the new capabilities.
"This is very much indicative of the bank's commitment to rural Australia," he said.
Mr Dick said the introduction of transactional banking capabilities was part of Rabobank's ongoing expansion strategy in Australia's growing rural and agribusiness market. This has included significant expansion of its rural branch network and a major investment in developing the Rabobank brand name in Australia.
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 is ranked one of the world's safest bank by Global Finance magazine. Rabobank operates in 35 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1900 offices and branches. Rabobank Australia is one of Australia's leading rural lenders and a significant provider of business and corporate banking and financial services to the Australian food and agribusiness sector. The bank has 44 branches throughout Australia.
Contact
For further information please contact Denise Shaw, Public Relations Manager (Tel: +61 2 8233 8744) or email on sydney.mediarelations@rabobank.com.