Rabobank Group

10-1-2007 | Press Releases

Rabobank to Invest Further in Hagabank and Bank Hagakita --- Ambition to become the 'bank of reference' for SME banking in Indonesia --- Jakarta, Rabobank, the Netherland based financial services group announced today that it has completed the acquisition of the holding companies that own two Indonesian banks, Hagabank and Bank Hagakita, from the individual shareholders. All required approvals from various monetary authorities have been received and the acquisition has been effectuated. Rabobank will acquire 95% of the shares , while the remaining 5% will be retained by Anton Suleiman and Timoty E. Marnandus, two of the original shareholders as a show of their continued commitment to the further development of the banks.

"We are delighted to welcome Hagabank and Bank Hagakita customers and employees to Rabobank," said Hans ten Cate, Member of the executive board of Rabobank and Chairman of Rabobank International,  "We look forward to leveraging Rabobank's deep resources, financial strength, and international banking network to provide an even broader array of highly competitive products and services to SME's businesses and individual clients of both banks. We plan to make substantial investments in Hagabank and Bank Hagakita in support of new products and services, including enhanced technologies and new branches for increased customer convenience. Fergus Murphy, regional head for Asia added:  "This is an exciting platform for Rabobank to grow its business in Indonesia, and we look forward to working with the management and employees of the two banks. It shows once again our firm commitment to Indonesia and the Asian region at large."

"Rabobank shares Hagabank and Bank Hagakita's commitment to relationship-driven banking in the growing SME sectors in Indonesia. We also see this as a great opportunity to further built our franchise in Food and Agri business banking, the core sector of Rabobank's global strategy," said Antonio  da Silva Costa, President Director of PT Bank Rabobank International Indonesia, "Rabobank's roots lie in F&A and SME banking and we look forward to partnering with both banks to strengthening the personal relationships with their customers. 

"I am very pleased that Hagabank and Bank Hagakita employees and customers are joining the Rabobank family, and confident this partnership will be beneficial for all involved says Timoty E. Marnandus, Chairman of the Board of Commissioners of Bank Haga and Hagakita,  "The acquisition by Rabobank, the world's only privately 
owned AAA-rated bank, will give us the resources to grow faster and offer improved service to our customers in areas such as lending, trade finance, treasury services and foreign exchange and we believe strongly that by joining the Rabobank Group our customers will be even better served." 

"Both our organizations will be working diligently in the next months to further detail the business strategy going forward and I am confident that the transition will be a successful one. I am especially pleased by Rabobank's commitment to our employees, attention to our customers' needs, and promise of continued investment in our products, systems and processes  and with that we will become  an even stronger financial partner for our customers." 

Note for editors, not for publication

About the Rabobank Group 
Rabobank Group is a full-range financial services provider founded on cooperative principles. The Group is comprised of 188 independent local Rabobanks in the Netherlands, the central organisation Rabobank Nederland and a large number of specialised subsidiaries. The Group's core objective is to generate the highest possible customer value. To this end, the organisation offers its clients all the financial products and services they may want. Rabobank Group provides services to more than half of the Dutch population (16 million) and Dutch companies. In the Netherlands, Rabobank has dominant market positions in almost all financial services areas: home mortgages, savings, small and medium-sized businesses, and the food & agri sector. It has also significantly strengthened its position in the large corporate market. Throughout the world, Rabobank Group, through Rabobank International, focuses primary on financing the international food & agri business, a niche market in which it has a leading position. Rabobank Group has been awarded the highest credit rating (Triple A), and has 289 offices in 38 countries outside the Netherlands. More information about Rabobank Group can be obtained from its website: www.rabobank.com.

About Bank Haga and Bank Hagakita 
Incorporated in 1989, Bank Haga and Bank Hagakita are focused on serving SME clients and share the same products and policies. The two banks have a combined staff of 1659 and a network of 81 (sub) branches/cash offices.  Bank Haga has branches in Jakarta, West and Central Java and southern Sumatra. Bank Hagakita has historically focused on East Java and Bali, 
although in recent years it has opened branches in Jakarta in areas not served by Bank Haga.  
The two banks are known for the high quality of their management and  employees, strong relationship with clients, and long track record of success in serving the SME sector. Their main clientele are SME customers that are active in trading, manufacturing and business services sectors. They also have a strong retail client base, serving them with a broad range of saving 
and loan products and other financial services. 
Over the years, Bank Haga and Bank Hagakita have achieved high and consistent growth. The two banks had a total of Rp. 5.28 trillion in assets as at 31 December 2006. 
More information about Bank Haga and Bank Hagakita can be obtained from 
their websites: www.hagabank.com www.bankhagakita.com

For further information, please contact:

Antonio D. Costa, President Director, PT Rabobank International Indonesia, 
Mobile: +62 81 11 76 911

Timoty E. Marnandus, Komisaris Utama, Bank Haga and Bank Hagakita
Office Telephone: +62 21 23 12 888
 
Danny Hartono, President Director Hagabank
Office telephone: +62 21 231 2021

For Rabobank
Jan-Willem ter Avest, Press Office Rabobank Group
Office tel. +31 30 21 61740
Mobile: +31 6 51 35 76 96
e-mail: j.w.avest@rn.rabobank.nl

Lim Tai Djoe, Rabobank International Asia
Mobile: +65-978 13 906
Email: taidjoe.lim@rabobank.com

Roel van Veggel, Rabobank International
Mobile: +62 815 111.01.008
Email: roel.van.veggel@rabobank.com

PR Agencies: for Asia region
Gavin Anderson & Company, Singapore

Ms. Ang Shih-Huei, Associate Director
sang@gavinanderson.com.sg

Ms. Tan Ee Ching, Associate Director
etan@gavinanderson.com.sg
Tel: +65 6339 9110
Fax: +65 6339 9578
Mobile: 65- 9189 1039

PR Agency for Indonesia:
Ms. Devitadian Wasis (Dita)
Indo Pacific, Reputation Management Consultants 
Telephone: (62-21) 781-2436 
Facsimile: (62-21) 781-2423 
E-mail: dita@indopacificpr.co.id