Members approve new cooperative structure for Rabobank
The members councils of all 106 local Rabobanks unanimously approved the new cooperative structure for Rabobank. Within the new cooperative all local Rabobanks and Rabobank will work together within one cooperative, with one banking license and one set of financial statements.
Executive Board Chairman Wiebe Draijer: ‘Today is an important day in the history of Rabobank. The result demonstrates unanimous support among our members for the new cooperative structure of Rabobank. This is a fantastic step en route to the customer-oriented and socially-responsible bank we want to be. We have consulted our members on the new plans over the past year and together we have arrived at the proposal that has now been officially endorsed by our members. The core of our cooperative is and will continue to be the fact that the members keep both their own local Rabobank and the total organisation on course.’
Rabobank aims to both strengthen its cooperative identity and its banking business through the merger. The local Rabobanks are and will remain the core of the cooperative. The influence and control of members will be stronger than before. Each local Rabobank will be given direct representation on behalf of its members in the highest body of the cooperative, which is the General Members Council. This body’s responsibilities include determining the strategy of Rabobank as a whole. The new structure also meets the requirements of regulators and financial market players.
Providing that the General Members Council ratifies the approved merger on 9 December 2015, the new cooperative will be a fact on 1 January 2016.