Sale underlines Rabobank’s client relationship focus
(16 November 2005 – Australia) Rabobank Australia & New Zealand has sold its Landmark managed loan portfolio to AWB for A$25 million.
Rabobank chief executive Bruce Dick said the sale of the portfolio, worth A$1.58 billion, was part of the bank’s strategy to focus on direct client relationships in its Australian rural banking business.
"Rabobank’s focus is now very much on direct client relationships with our core rural and agribusiness client base. This is one of the bank’s key strengths and our major focus in continuing to grow the business into the future and develop our products and services in the Australian market," he said.
Taking effect from November 30, the sale also marks the end of the alliance with AWB owned Landmark, which was announced in May this year.
Rabobank had provided the funding for Landmark branded loans to primary producers for property, livestock and crop finance since 1996.
Rabobank is the second largest lender to Australia’s rural sector.
The bank will continue to be involved as one of the funding and hedge providers for Landmark’s new rural lending vehicle.
"Rabobank’s focus is now very much on direct client relationships with our core rural and agribusiness client base. This is one of the bank’s key strengths and our major focus in continuing to grow the business into the future and develop our products and services in the Australian market," he said.
Taking effect from November 30, the sale also marks the end of the alliance with AWB owned Landmark, which was announced in May this year.
Rabobank had provided the funding for Landmark branded loans to primary producers for property, livestock and crop finance since 1996.
Rabobank is the second largest lender to Australia’s rural sector.
The bank will continue to be involved as one of the funding and hedge providers for Landmark’s new rural lending vehicle.
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