Rabobank in business

4-4-2008 | Press Release

On Friday, 4 April 2008 Rabobank received official permission from the Polish Financial Supervision Authority (PFSA) to achieve a majority position in BGZ. Rabobank will cross the 50% threshold in BGZ by acquiring 12.87% stake currently held by European Bank for Reconstruction and Development (EBRD). This will enable Rabobank to gain a majority stake of 59.35% in BGZ. Rabobank first acquired a 35.4% stake in BGZ in 2004. The bank then increased its stake to 46.48 % mainly by conversion of bonds into shares.

“We are delighted that we were authorised to gain a majority stake in BGZ. This will now enable Rabobank to further develop BGZ’s position as a retail bank for private customers, the small and medium enterprises (SME) and food and agricultural sectors,”  says Mr Rutger Schellens, Member of Managing Board of Rabobank International and Chairman of Supervisory Board of BGZ. He adds that the Netherlands is currently one of the largest international investors in Poland. “Our priority is to enable BGZ to further improve and expand both its quality and market share in Poland,” says Mr Rutger Schellens. According to Mr Jacek Bartkiewicz Chairman of Bank BGŻ, increasing Rabobank’s equity stake in BGŻ will help strengthen its position as one of the main financial institutions in Poland. “This decision should be beneficial for the initial public offering of BGŻ Bank,” assess Mr Bartkiewicz. 

Rabobank considers Poland to be a key growth market within the enlarged European Union. With a population of nearly 40 million, Poland offers tremendous economic opportunities and is currently achieving rapid development. Trade between the Netherlands and Poland is also growing swiftly and Dutch companies are investing in Poland on an increasingly greater scale. Rabobank is committed to being a key player in new markets and, in particular, seeks to perform a prominent role in the food and agri sector in these countries. It aims to attain this position in part by leveraging its distinctive knowledge of food and agri. In recent years, Rabobank has developed a strong retail position in relevant agricultural markets around the world, such as California and Australia.