Rabobank announces 0.25% reduction in variable base rate on rural loans
8 April 2009
Rabobank Australia Limited has announced it will lower the variable base rate on its rural loans by 0.25% per annum, effective April 17, 2009.
Rabobank general manager Rural Australia Peter Knoblanche said the bank was pleased to again be able to pass on the full 0.25% rate reduction to its clients following yesterday’s Reserve Bank of Australia decision to reduce the official cash rate.
"This latest reduction means we have been able to reduce the standard variable interest rate for our clients by a total of 3.9% per annum since last September," he said.
"This latest cut will, I’m sure, be welcomed by the agricultural sector, particularly at this crucial time when many of the nation’s farmers are preparing for the season ahead."
This reduction comes after a 1% per cent cut in Rabobank Australia Limited’s variable base rate in February this year, following reductions last year of 1% in December, 0.60% in November, 0.80% in October and 0.25% in September.
The world’s leading food and agribusiness bank, Rabobank operates in 43 countries. Rabobank was founded as a farmers’ cooperative more than 110 years ago and is still structured and run as a cooperative.
Rabobank Australia is a part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 110 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and has a AAA credit rating from Moody’s and Standard & Poor's. Rabobank operates in 43 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1600 offices and branches. Rabobank Australia is one of the country'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 80 branches throughout Australasia. The bank has 51 branches throughout Australia.
Media contact:
Denise Shaw
Public Relations Manager
Rabobank Australia & New Zealand
Phone: 02 8115 2744 or 0439 603 525
Email:
denise.shaw@rabobank.com