(3 July 2006 – Europe) Dutch banking giants ABN Amro and Rabobank have announced a joint venture cash processing operation, called Gavea.The arrangement will see more than 200 ABN Amro cash processing staff move across to the new venture. Rabobank does not have cash processing personnel so there will be no overlapping of staff.
The banks moved to establish the joint venture in light of the Dutch Central Bank’s decision to phase out its cash processing operations from the beginning of 2008.
This means banks will be obliged to carry out their own cash processing.
The two banks said the venture will help control long term costs of cash processing, and allow them economies of scale.