Rabobank announces new direction
(16 November 2009 – Australia) Rabobank Australia and New Zealand has announced a new arrangement for its financial planning subsidiary, Rabo Financial Advisors (RFA).
The arrangement will see Hillross Financial Services (Hillross) acquire RFA and will exclusively provide financial planning services to Rabobank.
Hillross is fully owned by AMP Limited and the transaction is expected to be completed by 2009.
While the RFA business will remain fully intact it will be incorporated into Hillross’ operations and transition to the Hillross brand.
Neil Dobbin, group executive, Australia and New Zealand, Rabobank country banking, said that Hillross’ scale and depth of expertise, products and services would benefit the bank’s clients.
This would ultimately extend the financial planning services Rabobank can offer its clients, Mr Dobbin added.
Mr Dobbin highlighted that the arrangement not only enables a seamless continuation of service to existing RFA clients, it also allows Rabobank to provide additional financial planning services and expertise, and a greater range of products to our clients in the future.
Rabobank also has plans to expand its core food and agribusiness banking operations.
RFA has nine locations throughout New South Wales, Queensland and Western Australia, employing 40 staff, including 17 advisers.
Hillross has over 310 wealth management advisers working in more than 100 advisory firms across Australia.
Hillross is fully owned by AMP Limited and the transaction is expected to be completed by 2009.
While the RFA business will remain fully intact it will be incorporated into Hillross’ operations and transition to the Hillross brand.
Neil Dobbin, group executive, Australia and New Zealand, Rabobank country banking, said that Hillross’ scale and depth of expertise, products and services would benefit the bank’s clients.
This would ultimately extend the financial planning services Rabobank can offer its clients, Mr Dobbin added.
Mr Dobbin highlighted that the arrangement not only enables a seamless continuation of service to existing RFA clients, it also allows Rabobank to provide additional financial planning services and expertise, and a greater range of products to our clients in the future.
Rabobank also has plans to expand its core food and agribusiness banking operations.
RFA has nine locations throughout New South Wales, Queensland and Western Australia, employing 40 staff, including 17 advisers.
Hillross has over 310 wealth management advisers working in more than 100 advisory firms across Australia.
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