Rabobank Group

4-6-2010 | Press Releases

Agricultural Bank of China (ABC) and Rabobank Group (Rabobank) signed a Memorandum of Understanding (MOU) to establish a strategic partnership to co-operate in various areas of business.

The MOU will seek to provide mutual assistance and sharing of experience in wholesale banking, rural finance, asset management and leasing, as well as exploring ways to unlock joint business opportunities. The agreement will provide a strategic framework of bilateral co-operation based on which detailed strategic co-operation agreements will be concluded in a later stage.

Under the MOU, Rabobank will provide technical support, training and expertise to ABC to strengthen  ABC’s capability especially in trade finance, leasing and rural banking as well as risk management. The strategic partnership provides Rabobank Group with an opportunity to strengthen its position in China. This supports Rabobank’s ambition to be the leading global F&A bank with a visible presence in China. ABC also offers a distribution platform for Rabobank’s various business lines.

In the area of wholesale banking, leasing and asset management, ABC and Rabobank will jointly explore opportunities to develop and distribute products through ABC’s established network in China.

The MOU was signed by Mr. Pan Gongsheng, ExecutiveVice President of Agricultural Bank of China and Mr. Sipko Schat, member of the Executive Board of Rabobank Nederland and Chairman of Rabobank International’s Wholesale Banking.

Mr. Sipko Schat said at the signing ceremony: “ The collaboration with Agricultural Bank of China (ABC) underscores our commitment to the Chinese market. The strategic partnership enables Rabobank to leverage ABC’s extensive branch network and reach out to a wider range of clients. Due to our shared orientation of being close to our clients, especially farmers, we believe both banks can create strong business synergies. ABC has established a far-reaching agri-related financial services business in urban and rural areas of China. Similarly, Rabobank is mainly focussed internationally on financing the food & agri value chain.”

“As one of the first foreign banks entering into such a strategic partnership with ABC, Rabobank shows its commitment to leveraging its global network and experience to provide international wholesale banking and trade finance support to ABC’s international corporate clients in the countries where Rabobank is present,” Mr. Schat concluded.