Rabobank chases retail market in New Zealand
(14 February 2006 – New Zealand) Rural lender Rabobank has launched an online banking product in New Zealand in a bid to expand further into that country’s financial services market.
The new product, known as RaboPlus, will offer retail customers a high interest, no fees savings account as well as term deposits and access to managed funds.
Rabobank Australia and New Zealand CEO Bruce Dick said Rabobank was firmly committed to the food and agribusiness sector, but that the new online service would broaden the bank’s activities into the mainstream market.
"RaboPlus fits comfortably with Rabobank’s existing rural business. It leverages the formidable strengths of the global Rabobank Group and offers New Zealanders the opportunity to deposit their funds with one of the strongest financial institutions in the world," he said.
Rabobank said deposited funds would be put into the bank’s lending activities in rural New Zealand.
RaboPlus New Zealand general manager Mike Heath said the bank wasn’t seeking to replace consumers’ primary bank, but rather offer a savings products with a competitive rate.
He said the online structure meant the bank could keep running costs low and interest rates high.
Dick said the launch of RaboPlus in New Zealand was part of an ongoing move to build on the Rabobank Group’s global strengths and make them available to local customers.
He said Rabobank had established successful direct banking businesses in Belgium and Ireland while in its home market of the Netherlands, Rabobank was the largest general financial services provider in the country.
"It is also the largest online bank in Europe," he said.
Rabobank Australia and New Zealand CEO Bruce Dick said Rabobank was firmly committed to the food and agribusiness sector, but that the new online service would broaden the bank’s activities into the mainstream market.
"RaboPlus fits comfortably with Rabobank’s existing rural business. It leverages the formidable strengths of the global Rabobank Group and offers New Zealanders the opportunity to deposit their funds with one of the strongest financial institutions in the world," he said.
Rabobank said deposited funds would be put into the bank’s lending activities in rural New Zealand.
RaboPlus New Zealand general manager Mike Heath said the bank wasn’t seeking to replace consumers’ primary bank, but rather offer a savings products with a competitive rate.
He said the online structure meant the bank could keep running costs low and interest rates high.
Dick said the launch of RaboPlus in New Zealand was part of an ongoing move to build on the Rabobank Group’s global strengths and make them available to local customers.
He said Rabobank had established successful direct banking businesses in Belgium and Ireland while in its home market of the Netherlands, Rabobank was the largest general financial services provider in the country.
"It is also the largest online bank in Europe," he said.
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