(16 May 2005 – Australia) Specialist agribusiness financier, Rabobank, has announced it will no longer fund Australian Wheat Board (AWB)/Landmark branded loans and will focus instead on direct relationships with its client base.Rabobank said the arrangement which has been in place since 1996 had “run its natural course for both parties”.
“Rabobank has undertaken a significant expansion of its operations in Australia in recent years and we now have both the range of products, including transactional capabilities, and a much larger branch network infrastructure to enable us to deal directly with clients,” Rabobank Australia & New Zealand chief executive Bruce Dick said.
He said the increasing likelihood for competition between Landmark and Rabobank meant it was time for the alliance to end.
Landmark branded loans will remain part of Rabobank’s asset book but Landmark will manage the loans.
Rabobank said it was the second largest lender to rural Australia as well as a major provider of corporate and business banking services to agribusinesses.