16 November 2005
Rabobank Australia & New Zealand has announced the sale of its $1.58 billion Landmark-managed loan portfolio to AWB.
Rabobank Australia & New Zealand CEO Bruce Dick said the sale - for $25 million - was part of the bank's ongoing strategy to focus on direct client relationships in its rapidly-growing Australian rural banking business.
The sale will take effect from November 30, coinciding with the formal conclusion of an alliance with AWB-owned Landmark, under which Rabobank had provided the funding for Landmark-branded loans to primary producers for property, livestock and crop finance since 1996.
The decision to conclude the alliance - with Rabobank no longer to fund new Landmark loans - was announced in May this year.
Mr Dick said the subsequent agreement to sell the existing Landmark-managed portfolio - which had remained under Rabobank's ownership - to AWB was a natural development for both parties, reflecting their evolving business directions.
"Rabobank's focus is now very much on direct client relationships with our core rural and agribusiness client base. This is one of the bank's key strengths and our major focus in continuing to grow the business into the future and develop our products and services in the Australian market," he said.
The world's leading food and agribusiness bank, Rabobank has in recent years rapidly grown to become the second-largest lender to rural Australia and a major provider of corporate and business banking services to the nation's agribusiness sector.
Mr Dick said, while Rabobank would continue to be involved as one of the funding and hedge providers for Landmark's new rural lending vehicle, the sale of the loan portfolio provided a fitting conclusion to the former alliance.
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 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 46 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.