Rss feed Investor Relations https://www.rabobank.com/Corporate/en/investors/irnews_research/rss.html Rss feed Investor Relations en <![CDATA[DBRS Morningstar Downgrades Rabobank’s LT Issuer Rating to AA (low), Trend Stable]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2021/20210329-dbrs-press-release.html?utm_medium=RSS On 29 March 2021, DBRS Morningstar downgraded the Long-Term Issuer Rating of Coöperatieve Rabobank U.A to AA (low) from AA and the Short-Term Issuer Rating to R-1 (middle) from R-1 (high). The trend on all ratings is now Stable.

According to DBRS “The ratings downgrade reflects Rabobank’s consistently weaker profitability and efficiency metrics when compared to similarly rated peers, as well as the headwinds that continue to affect these metrics. The Bank has made some progress over the course of the past few years with regards to cost-base reductions and balance sheet efficiency. However, the combination of more challenging macroeconomic conditions along with the ultra-low interest rate environment has meant that Rabobank continues to face pressure on revenues and difficulties in improving its cost-income ratio and net profitability to levels in line with peers.
 
The Intrinsic Assessment of AA (low) takes into account the Bank’s very strong retail and commercial franchise in its domestic Dutch market, as well as its global franchise in food & agriculture finance. It also incorporates Rabobank’s solid funding profile, underpinned by a sound deposit base, diversified funding sources and good access to capital markets as well as a large liquidity buffer. The IA incorporates the Bank’s robust regulatory capital position and substantial cushions over minimum regulatory requirements, which should enable Rabobank to withstand the impact of the expected asset quality deterioration due to the coronavirus (COVID-19) pandemic.”.
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Investor News Mon, 29 Mar 2021 19:57:46 GMT 291707
<![CDATA[Rabobank publishes Annual Report 2020]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2021/20210311-rabobank-publishes-annual-report-2020.html?utm_medium=RSS Today, Rabobank published its Annual Report 2020, ESG Facts & Figures, Pillar 3 report and additional disclosures.

“The severe Covid-19 crisis demanded the very essence of what a cooperative bank with a mission stands for: to contribute substantively to the significant transitions that are shaping the world we live in. As a meaningful cooperative our contribution to society last year was first and foremost to focus on the immediate needs of our clients. But we were also able to accelerate the delivery of our strategy during the pandemic. We improved digital service to our clients and members with new innovations in our Rabo App, building on the foundations laid in recent years. Next to that, as a bank committed to making global food supply chains more sustainable, we played an important role in the green financing of our global clients and supported farmers around the world in their shift to more sustainable food production. We also intensified and accelerated our contribution to sustainable housing in the Netherlands.”

In addition to the annual figures Rabobank published its Impact report 2020 (Our impact in 2020) on 11 February 2021. In this report, Rabobank provides insight in the bank’s environment, its strategy and accompanying results and the way the bank creates value for its stakeholders.  For this report, Rabobank used the International Integrated Reporting Framework.

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Investor News Thu, 11 Mar 2021 07:30:00 GMT 291277
<![CDATA[Rabobank posts net result of EUR 1,096 million for 2020 in the face of a Covid-19-dominated year for society, customers and employees ]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2021/20210211-rabobank-posts-net-result-of-eur-1096-million-for-2020.html?utm_medium=RSS Covid-19 and its economic turbulence impacted Rabobank’s customers significantly in 2020. Rabobank supported them while maintaining its solid capital and liquidity position. This has provided evidence of the bank’s ability to absorb the 2020 Covid-19 impact and shows the bank is ready for forthcoming impacts in 2021. Rabobank posted a net result of EUR 1,096 million in 2020.

“Covid-19 was and is the most significant health crisis of our generation. Its effects on our customers, our employees and societies at large have been dramatic. And this is still ongoing. From health threats to lockdowns, Covid-19 continues to dominate people’s lives, businesses and the global economy. Crises call for rapid response and adaptation. And this is what Rabobank has demonstrated during 2020 and will continue to do in 2021.

Our primary focus has been the availability of our banking services and supporting our customers in their immediate continuity needs. In these extreme times, Rabobank adapted to customer demands, providing temporary financial relief for those in need. We’ve been able to support around 8,000 private customers and 79,000 business clients. Despite the immediate effects these circumstances have had on the bank in financial terms, Rabobank proved to be well capable of dealing with this situation.

At the same time the severe Covid-19 crisis demanded the very essence of what a cooperative bank with a mission stands for: to contribute substantively to the significant transitions that are shaping the world we live in. As a meaningful cooperative our contribution to society last year was first and foremost to focus on the immediate needs of our clients. But we were also able to accelerate the delivery of our strategy during the pandemic. We improved digital service to our clients and members with new innovations in our Rabo App, building on the foundations laid in recent years. Next to that, as a bank committed to making global food supply chains more sustainable, we played an important role in the green financing of our global clients and supported farmers around the world in their shift to more sustainable food production. We also intensified and accelerated our contribution to sustainable housing in the Netherlands.

At the heart of many of our achievements in this past year was the contribution and leadership of our more than 40,000 employees around the world. They adapted, worked from home and are still coping with the consequences. Our people deserve extra gratitude for their role and contribution in this difficult year.”

Covid-19 significantly affected the financial performance of Rabobank. The 2020 net profit is a reflection of that. At EUR 1,096 million in profit, our 2020 net profit dropped by 50% compared to last year. The effect of Covid-19 was primarily visible in the level of impairment charges, which rose to EUR 1,913 million (2019: 975 million), equivalent to 46 basis points of the average loan portfolio. The timely and collective action of governments, regulatory bodies and Rabobank itself was instrumental in mitigating and delaying the immediate effect of Covid-19 on our clients. The bank does expect, however, a deterioration in the credit quality in the business loan portfolio in the course of 2021, which is reflected in the higher level of impairment allowances. The credit quality of Rabobank’s residential mortgage loan portfolio remained strong. And apart from a number of subsectors, the Food & Agri sector seems to be less impacted by this crisis.

Total income was down as a result of lower economic activity and negative asset revaluations, but the decline can also be attributed to the persistent low interest rate environment. Despite the fact that Rabobank was able to further reduce its costs, the cost/income ratio has increased to 65.8% (2019: 63.3%). The Return on Equity decreased to 2.7% (2019: 5.3%).

The loan portfolio decreased slightly from EUR 418 to 409 billion, mainly because of currency fluctuations. In real terms, the Food & Agri portfolio remained stable at EUR 105 billion. Furthermore, Rabobank remained market leader in the Dutch residential mortgage market with a marketshare of new production of 22%. Deposits from retail and wholesale customers rose sharply by 7%, which is in line with the general trend in the Dutch savings market as a consequence of Covid19.

Thanks to a longstanding strategy of strengthening the balance sheet, Rabobank’s financial buffers have proven able to withstand an economic downturn with large-scale impacts on clients. Even after a year of the pandemic, the capital position remains rock-solid and secure. The CET 1 ratio increased to 16.8%. Due to the extraordinary circumstances, Rabobank made an exceptional distribution to certificate holders in the form of Rabobank Certificates instead of a cash payment.

On December 15, 2020 the European Central Bank (ECB) issued a recommendation to banks to refrain from or limit dividends until at least September 30, 2021. Rabobank announced on December 21, 2020 that it will adhere to the recommendation, and that it will discuss the prudence of any distributions on Rabobank Certificates prior to September 30, 2021 with the ECB. Rabobank hereby announces its intention at its full discretion, to make a quarterly distribution of EUR 0.13674 per Rabobank Certificate on March 29, June 29 and September 29, 2021 respectively. Rabobank has the intention to revert to its payment policy in case the ECB withdraws any recommended limitations on dividend distribution. At that time Rabobank will - at its full discretion – decide on any future distributions thereby considering whether it is prudent to make a distribution, and if so, the level of such distribution.

In his outlook, Wiebe Draijer stresses the importance of further strengthening the core of the bank while continuing to expand and leverage our franchise: “The pandemic is far from over, with the virus mutations causing a new surge of casualties and governmental measures. It will have a burdensome impact on everyone. Many of our customers will be in need of financial support. Rabobank stands ready to support these customers with fitting solutions.

The low interest rate environment, tightened legislation and digitization also affect the banking landscape deeply. In the context of this difficult environment, we will maintain focus on further improving our operational and financial performance. In order to better serve our customers at lower costs, we launched a program of continuous improvement for the coming years by which we will optimize our cost/income ratio. The foreseen transition is an extension of the ongoing improvements we have been making in recent years. This is expected to result in an average annual reduction of our workforce by 1,000 FTE over the next 5 years. A mix of regular outflow, reduction of external FTEs, whereas redeployment within Rabobank will partly mitigate the impact on forced leaves.

It’s part of Rabobank’s ongoing change and improvement process to respond to the current challenges and prepare for the future. We will accelerate use of digital channels and invest in innovative solutions and mobile service locations and concepts. Accordingly, we will downsize our traditional branch network in the Netherlands in the coming years. In our Wholesale & Rural business we will further simplify and enhance our operating model and footprint. We foresee growth opportunities in Food and Agri and leasing, focusing on the transitions in food, the energy sector and sustainability at large. Above all, we will stay close to our clients in their communities, all around the world.

Our role as gatekeeper of the financial system is still our top priority. The total number of specialists dedicated to Know Your Customer (KYC) activities worldwide increased to 4,000. In 2021, we further invest in our KYC activities and advanced technology, which will increasingly enable us to detect transaction patterns that were not visible before. We will also expand our collaboration with other banks and public-private partnerships. In September 2018 Rabobank received an injunction (Last onder Dwangsom) from the Dutch Central Bank (DNB) ordering Rabobank to improve its KYC. Commencing from 1 April 2020, DNB carried out an investigation and concluded that Rabobank did not meet the requirements of the injunction. As a result, a penalty (dwangsom) of EUR 500.000 has been forfeited. We already took a provision for this amount in H1 2020. Building a robust and futureproof KYC organization that meets all aspects of regulations is an ongoing process and has our utmost attention.

If there is any certainty about the year ahead, it is that further adaptation to the changes following the Covid-19 developments will be needed. As a leading bank in the transition to a sustainable world, we will continue to help our clients in this difficult second year of Covid-19, but also focus on accelerating the profound sustainable transitions in food, energy and housing.


Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

Published: February 11 2021, 07:30 CET

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Investor News Thu, 11 Feb 2021 07:30:00 GMT 288909
<![CDATA[Rabobank announces its intention to make a quarterly distribution of EUR 0.13674 per Rabobank Certificate in the first three quarters of 2021]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2021/20210211-rabobank-announces-intententions-quarterly-distribution-0.13674-RC.html?utm_medium=RSS Rabobank announces its intention to make a quarterly distribution of EUR 0.13674 per Rabobank Certificate on March 29, June 29 and September 29, 2021 respectively. This intention is the outcome of discussions with the European Central Bank (ECB) and is still subject to the full discretion of the Executive Board of Rabobank.

On December 15, 2020 the ECB issued a recommendation to banks to refrain from or limit dividends until at least September 30, 2021. Rabobank announced on December 21, 2020 that it will adhere to the recommendation, and that it will discuss the prudence of any distributions on Rabobank Certificates prior to September 30, 2021 with the ECB.

Rabobank has the intention to revert to the intended distribution as described in its payment policy in case the ECB withdraws any recommended limitations on dividend distribution. At that time Rabobank will - at its full discretion – decide on any future distributions thereby considering whether it is prudent to make a distribution, and if so, the level of such distribution.  

Euronext Amsterdam may change the trading mode for Rabobank Certificates after this and any future announcements of Rabobank. Further information about the Rabobank Certificates and the trading mode as applied by Euronext is available on www.rabobank.com/certificates.

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Investor News Thu, 11 Feb 2021 07:00:00 GMT 288933
<![CDATA[Rabobank adheres to the new ECB recommendation on dividend distributions]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20201221-rabobank-adheres-to-the-new-ecb-recommendation-on-dividend-distributions.html?utm_medium=RSS Rabobank will discuss with the ECB the prudence of any potential distributions in connection with Rabobank Certificates payable prior to September 30, 2021. This is in line with the ECB recommendation, as published on December 15, 2020. The discussions with the ECB could result in distributions that differ from the intended distributions according to the payment policy.

The ECB announced that significant credit institutions should consider not distributing any dividends or to limit such distributions until September 30, 2021. They recommend that during this period banks exercise extreme prudence when deciding on or paying out dividends. Given the persistent uncertainty about the economic impact of the coronavirus (COVID-19) pandemic a continued prudent approach remains necessary according to the ECB.

After finalizing the discussions with the ECB, Rabobank will determine in its full discretion any distributions on Rabobank Certificates. This could result in distributions that differ from the intended distributions according to the payment policy.

Rabobank continues to hold a solid capital position and a healthy Common Equity Tier 1 (CET1) ratio.

Rabobank will closely monitor further regulatory updates and recommendations, including the ECB’s announced evaluation of the economic situation and the possibility of dividend distributions after September 30, 2021.

Euronext Amsterdam and other trading venues may at any time change the trading mode for Rabobank Certificates after this and any future development. Further information about Rabobank Certificates and the trading mode as applied by Euronext Amsterdam is available on www.rabobank.com/certificates.

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Investor News Mon, 21 Dec 2020 08:30:40 GMT 288173
<![CDATA[Rabobank data in EBA Transparancy Exercise]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20201211-ir-rabobank-data-transparency-exercise.html?utm_medium=RSS Coöperatieve Rabobank U.A. notes the announcements made today by the European Banking Authority and European Central Bank regarding the information of the 2020 EU-wide Transparency Exercise and fulfilment of the EBA Board of Supervisors' decision.

Background 2020 EU-wide Transparency Exercise
The EBA Board of Supervisors approved the package for the EU-wide Transparency Exercise, which since 2016 is performed on an annual basis and published along with the Risk Assessment Report (RAR). The annual transparency exercise will be based solely on COREP/FINREP data on the form and scope to assure a sufficient and appropriate level of information to market participants.
The templates were centrally filled in by the EBA and sent afterwards for verification by banks and supervisors. Banks had the chance to correct any errors detected and to resubmit correct data through the regular supervisory reporting channels, and to add specific information as required to further clarify individual data.

Published: December 11 2020, 18:00 CET

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Investor News Fri, 11 Dec 2020 08:00:00 GMT 287701
<![CDATA[Rabobank issues new Rabobank Certificates for distribution in the form of Rabobank Certificates ]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20201208-rabobank-issues-new-rabobank-certificates-for-distribution-in-the-form-of-rabobank-certificates.html?utm_medium=RSS On 8 December 2020 15,044,096 new Rabobank Certificates were issued and delivered to the clearing systems.

The total nominal amount of outstanding Rabobank Certificates has increased to EUR 7,825,136,525, representing 313,005,461 Rabobank Certificates. 

Delivery of the new Rabobank Certificates and cash fractions (if applicable) to holders will take place as of 9 December 2020.

Details of this distribution were published on 30 November 2020 (see ). The corresponding distribution ratio was announced in a news item on 4 December 2020. 

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Investor News Tue, 08 Dec 2020 15:20:40 GMT 287632
<![CDATA[Distribution ratio for the distribution in the form of Rabobank Certificates set at 19.81]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20201204-distribution-ratio-for-distribution-in--form-rabobank-certificates.html?utm_medium=RSS The Executive Board of Rabobank has determined the distribution ratio for the exceptional distribution of the approximate equivalent of EUR 1.625 per Rabobank Certificate. The distribution ratio is one new Rabobank Certificate for every 19.81 Rabobank Certificates a holder holds.

The distribution ratio is based on the volume-weighted average prices of all traded Rabobank Certificates at Euronext Amsterdam on 1, 2, and 3 December 2020 (VWAP), of EUR 33.81. The VWAP has been adjusted by reducing it by EUR 1.625, resulting in a reference price of EUR 32.18. Subsequently dividing the reference price by EUR 1.625 has resulted in the distribution ratio of 19.81. 

The new Rabobank Certificates will be issued and delivered to the clearing systems on 8 December 2020. Delivery of the new Rabobank Certificates and cash fractions (if applicable) to holders will take place as of 9 December 2020. 

Reference is made to the published on 30 November 2020. Further information can be found on www.rabobank.com/certificates

Note: certain numbers are rounded. In the actual calculation, only the cash fraction will be rounded to the nearest cent.

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Investor News Fri, 04 Dec 2020 08:31:23 GMT 287595
<![CDATA[Rabobank announces a distribution in the form of Rabobank Certificates in early December 2020]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20201130-distribution-in-form-rabobank-certificates.html?utm_medium=RSS The Executive Board of Rabobank has decided to make an exceptional distribution of the approximate equivalent of EUR 1.625 per Rabobank Certificate, in the form of Rabobank Certificates in early December 2020. This announcement is a follow-up on the intention to make such a distribution, as communicated on 21 October 2020.

The Executive Board made the decision about this exceptional distribution at its full discretion. Rabobank hereby informs holders about the details and relevant dates of the distribution. Rabobank Certificates will trade ex-distribution as of 4 December 2020 (ex-date) at Euronext Amsterdam. The record date will be 7 December 2020.

The number of Rabobank Certificates entitled to one new Rabobank Certificate (the distribution ratio) will be determined by dividing the volume-weighted average prices of all traded Rabobank Certificates at Euronext Amsterdam on 1, 2, and 3 December 2020 (VWAP) by the distribution amount of EUR 1.625. Rabobank will adjust the VWAP by reducing it by EUR 1.625. This will correct for the fact that the VWAP is based on prices prior to the ex-date, which still reflect the value of the upcoming exceptional distribution. If the number of new Rabobank Certificates to be distributed to a holder does not correspond to a whole number of Rabobank Certificates, the fractions shall be settled in cash.

The distribution ratio will be announced on www.rabobank.com/certificates prior to trading hours on 4 December 2020. New Rabobank Certificates will be issued and delivered to the clearing systems on 8 December 2020. Delivery of the new Rabobank Certificates and cash fractions (if applicable) to holders will take place as of 9 December 2020.

The newly issued Rabobank Certificates will have the same terms as, and will be fungible with current outstanding Rabobank Certificates. 

The following timetable applies for Euronext Amsterdam. Different ex-dates could apply for other trading platforms. 

4 December 2020 Announcement of the distribution ratio and ex-date
7 December 2020 Record date
8 December 2020 Issuance of new Rabobank Certificates
As of 9 December 2020 Delivery of new Rabobank Certificates and cash fractions to holders

Euronext Amsterdam may at any time change the trading mode for Rabobank Certificates after this and any future announcement of Rabobank. Further information about the Rabobank Certificates and the trading mode as applied by Euronext Amsterdam is available on www.rabobank.com/certificates.


Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Mon, 30 Nov 2020 08:31:23 GMT 287549
<![CDATA[Rabobank intends to make a distribution in the form of Rabobank Certificates at the end of 2020]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20201021-announcement-stock-distribution-rc.html?utm_medium=RSS Rabobank announces its intention to pay an exceptional distribution in the form of Rabobank Certificates in December 2020 to investors who are holding certificates on a to be specified future date. This will be the approximate equivalent of EUR 1.625 per Rabobank Certificate. This intended distribution is still subject to the full discretion of the Executive Board of Rabobank. Further details will be announced in due time.

On 13 August 2020, Rabobank announced that it is adhering to the extended ECB recommendation (published on 28 July 2020) and that it will not be paying any cash distributions on Rabobank Certificates during the full year of 2020. Concurrently Rabobank stated that it will carefully assess the possibility of making a distribution in the form of Rabobank Certificates. The bank has finalized this assessment and is now announcing its intention to make a distribution in the form of Rabobank Certificates in December 2020.

The intended distribution will in itself not impact Rabobank’s solid capital position, nor its healthy Common Equity Tier 1 (CET1) ratio. The bank will stay focused on maintaining a solid capital base to continue to serve clients as much as possible in these challenging times.     

Bas Brouwers, CFO of Rabobank: ‘COVID-19 still has a major impact on the world and its economy. As a cooperative bank it remains our priority to support the economy and help our clients through this crisis. We also acknowledge the impact on both our retail and institutional investors of Rabobank adhering to the ECB recommendations. We consider the intended distribution in the form of Rabobank Certificates as an exceptional measure in these unprecedented times’.

The bank will closely monitor further updates and announcements from the regulators. Distributions on Rabobank Certificates are fully discretionary. The Executive Board of Rabobank can always decide whether or not a distribution will be made, as well as the level and form of distributions.

Euronext may change the trading mode for Rabobank Certificates after this and any future announcement of Rabobank. Further information about the Rabobank Certificates and the trading mode as applied by Euronext is available on www.rabobank.com/certificates.

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Wed, 21 Oct 2020 16:35:44 GMT 286888
<![CDATA[Rabobank announces final results of tender offer on its £250,000,000 capital securities]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/rabobank-announces-final-results-of-tender-offer-on-its-250000000-capital-securities.html?utm_medium=RSS

On 7 October 2020, Coöperatieve Rabobank U.A. (formerly known as Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.) (the "Offeror" or "Rabobank") launched its invitation to holders of its £250,000,000 Fixed/Floating Rate Perpetual Non-Cumulative Capital Securities (ISIN: XS0368541032) (the "Capital Securities") to tender such Capital Securities for purchase by the Offeror for cash (such invitation, the "Offer"). The Offer was made on the terms and subject to the conditions contained in the tender offer memorandum dated 7 October 2020 (the "Tender Offer Memorandum") and is subject to the offer restrictions described in the Tender Offer Memorandum. Capitalised terms used and not otherwise defined in this press release have the meanings given to them in the Tender Offer Memorandum.

The Offeror today announces that it will accept all validly tendered Capital Securities pursuant to the Offer for purchase for cash in an aggregate principal amount of £217,222,000.

offer results tender offer

The Offer remains subject to the conditions and restrictions set out in the Tender Offer Memorandum and the expected Settlement Date is 19 October 2020.

All Capital Securities purchased pursuant to the Offer will be cancelled.

Full details concerning the Offer are set out in the Tender Offer Memorandum and the announcement of the final results can be found below:

Neither the Tender Offer Memorandum, this press release nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Capital Securities (and tenders of Capital Securities for purchase pursuant to the Offer will not be accepted from holders) in any circumstances in which such offer or solicitation is unlawful. The Offer is not being made and will not be made, directly or indirectly, in or into, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or of any facilities of a national securities exchange of, the United States or to any U.S. Person (as defined in Regulation S of the United States Securities Act of 1933, as amended (each a "U.S. Person")). Further restrictions apply in relation to the United Kingdom, France, Italy and Hong Kong as set out in full in the Tender Offer Memorandum.Published: October 15th 2020, 15:30 CET]]>
Investor News Thu, 15 Oct 2020 16:35:44 GMT 286844
<![CDATA[Coöperatieve Rabobank U.A. launches its Tender Offer invitation to holders of its £250,000,000 Fixed/Floating Rate Perpetual Non-Cumulative Capital Securities]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20201007-cooperatieve-rabobank-ua-launches-its-tender-offer-invitation.html?utm_medium=RSS Coöperatieve Rabobank U.A. (formerly known as Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.) (the "Offeror" or "Rabobank") has today launched its invitation to holders of its £250,000,000 Fixed/Floating Rate Perpetual Non-Cumulative Capital Securities (ISIN: XS0368541032) (the "Capital Securities") to tender such Capital Securities for purchase by the Offeror for cash (such invitation, the "Offer").

The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated October 7, 2020 (the "Tender Offer Memorandum") and is subject to the offer restrictions described in the Tender Offer Memorandum. The full tender launch announcement and the Tender Offer Memorandum can be obtained from the tender agent: Lucid Issuer Services Limited / rabobank@lucid-is.com / +44 20 7704 0880.

Neither the Tender Offer Memorandum, this press release nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Capital Securities (and tenders of Capital Securities for purchase pursuant to the Offer will not be accepted from holders) in any circumstances in which such offer or solicitation is unlawful. The Offer is not being made and will not be made, directly or indirectly, in or into, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or of any facilities of a national securities exchange of, the United States or to any U.S. Person (as defined in Regulation S of the United States Securities Act of 1933, as amended (each a "U.S. Person")). Further restrictions apply in relation to the United Kingdom, France, Italy and Hong Kong as set out in full in the Tender Offer Memorandum.


For more information, please contact:
Rabobank Press Office
+31 (0) 30 216 2758 or pressoffice@rabobank.nl

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Wed, 07 Oct 2020 08:00:00 GMT 269441
<![CDATA[Rabobank publishes climate report]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20201002-rabobank-publishes-climate-report.html?utm_medium=RSS On 24 September 2020 Rabobank published its first climate report titled ‘Rabobank and Climate Change – Making the change to safeguard our future’. With this publication Rabobank sets out its climate strategy in detail to the general public.

The publication shares our approach and the progress we have made so far, while listing our goals for the future. It provides an overview of our commitment and the actions we have already taken – in our portfolio, network deployment and partnerships – as well as the actions that we have planned for the future to sustainably grow our business. We focus on the most substantial parts of our portfolio: mortgages, food and agribusiness and our SME clients in the Netherlands. It includes our current emissions overview, client solutions, targets and transparency on (one of) the most urgent societal challenges we face: climate change.

We support our clients and the world around us by offering products and services aimed at protecting the climate. With financial solutions, plus our knowledge and networks, we commit to slowing down climate change and lowering emissions together. Rabobank wants to ensure that, by 2024, sustainability and tackling climate change are fully integrated into our corporate strategy, our focus on innovation and our daily client servicing.

  • We aim for the average energy label of houses in our portfolio to be B in 2024 and A in 2030
  • We support customers in the food and agribusiness sector with financing and knowledge to achieve emission reduction of 6 megaton in 2030 (compared to 1990) as agreed in the Dutch Climate Agreement
  • We aim to have 100,000 Dutch SME customers to make use of our sustainable products by 2024
  • By 2024, 100% of our Managed Investment products will be sustainable
  • Solutions with leasing will support the climate transition
  • We are accelerating the energy transition with investments in hydrogen and geothermal energy and more renewable energy

The report, as well as a summary, is available on our website, you can find it .

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Investor News Fri, 02 Oct 2020 10:42:36 GMT 269406
<![CDATA[Rabobank next bank to introduce negative interest rates for balances over EUR 250,000 Euro]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20200930-rabobank-next-bank-to-introduce-negative-interest-rates-for-balances-over-eur-250000-euro.html?utm_medium=RSS Rabobank is changing the interest rate for its current, savings and investment accounts because of the continuing low interest rates in the market. The rate change will take effect from 1 January 2021. From that date, a credit interest rate of - 0.5% will apply to both private and business customers for the portion of the credit balance over € 250,000. The interest will be calculated per account.

For private customers with a balance of less than € 250,000 nothing changes. Rabobank pays an interest rate of 0.01% on private savings and investment accounts up to € 250,000. On private current accounts, the interest rate will remain 0% for balances up to € 250,000.

Equally nothing will change for business customers with a balance of up to € 250,000. Rabobank pays an interest rate of 0.01% on business savings accounts up to € 100,000; above that, the interest rate is 0% up to € 250,000. On current and investment accounts, the interest rate will remain 0% for the part of the balance up to € 250,000.

Even after these adjustments, 98.7% of all private and business customers will still be exempt from negative interest rates. Rabobank would like to keep the numbers of customers in this group and the related thresholds as high as possible, but unfortunately cannot give any guarantees in view of continuing low interest rates.

Despite the fact that interest rates have been low for quite some time, customers are continuing to save. Rabobank strongly encourages this as financial self-sufficiency is high on our societal agenda. It is important for people to have a buffer for things like unexpected expenses, children’s education fees, the consequences of COVID or taking early retirement.

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Investor News Wed, 30 Sep 2020 15:30:00 GMT 269385
<![CDATA[New approach in Rabobank Sustainable Funding Framework to increase upfront transparency]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20200918-new-approach-in-rabobank-sustainable-funding-framework-to-increase-upfront-transparency.html?utm_medium=RSS Rabobank introduces an innovation in the structuring of Sustainable Funding Frameworks, offering investors more clarity on what the sustainable investments proceeds will be used for. It is based on the unique concept of ‘sub-frameworks’ that cover one eligible project category exclusively. By issuing sustainable funding under such a sub-framework, investors can be assured that the proceeds of a transaction will go into this one, eligible project category - therefore maximizing transparency.

Rabobank’s current offering of sub-frameworks covers the following eligible project categories: Renewable Energy, Green Commercial Real Estate, Healthcare and Care Facilities and Covid-19 Crisis Support to SMEs. A broad range of sustainable instruments is available, such as Green and Social versions of e.g. bonds, commercial paper, certificates of deposit and derivatives. The Sustainable Funding Framework offers an alternative for traditional, so-called confetti bonds under which a multitude of different categories can be financed.

The Rabobank Sustainable Funding Framework is the result of Rabobank’s ongoing efforts to link sustainability with the way the bank is funded. As a cooperative bank with a front-running position in sustainability-oriented banking, we continuously focus on realizing our mission ‘Growing a Better World Together’. Rabobank supports its customers and those around them in improving sustainability by providing financial solutions, expertise and access to networks. We follow strong sustainability policies and set clear sustainability targets to achieve. This approach has led to top positions in the sustainability rankings of all large independent ESG rating institutions.

On 17 September 2020 Rabobank issued its inaugural USD Green Non-Preferred Senior bond (USD 1bn, 6NC5). This is the first offering under Rabobank’s new Sustainable Finance Framework. The proceeds of this Green Bond may be used to allocate funds to a loan portfolio of new and/or ongoing renewable energy projects, under Sub- Framework I of Rabobank’s Sustainable Funding Framework.

More information:

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Investor News Fri, 18 Sep 2020 15:53:03 GMT 269202
<![CDATA[Fitch affirms Viability Rating Rabobank and removes RWN. Long-Term IDR downgraded to ‘A+’, Outlook Negative]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20200915-fitch-press-release.html?utm_medium=RSS On 15 September 2020 Fitch downgraded Rabobank's Long-Term and Short-Term Issuer Default Ratings ('IDR's) to 'A+' and 'F1' from 'AA-' and 'F1+', respectively. The Outlook on the Long-Term IDR is Negative. At the same time Fitch has affirmed Rabobank's Viability Rating (VR) at 'a+' and removed it from Rating Watch Negative (RWN).

The downgrade of the IDR’s is driven by a ‘technical’ aspect of Fitch’s methodology. Until now Rabobank's Long-Term IDR and senior debt ratings (including senior non-preferred debt) benefitted from a one-notch uplift above its VR due to a large buffer of qualifying junior debt (‘QJD’), consisting of AT1 and Tier 2 debt instruments. Today's downgrade of the Long-Term IDR to the level of Rabobank's VR reflects Fitch's view that Rabobank's QJD will no longer sustainably exceed 10% of its risk-weighted assets (‘RWA’). As a result, Rabobank's senior non-preferred ('SNP') debt has been downgraded one notch.
 
Under Fitchʼs methodology for any bank the lowest ranking layer of senior debt is the reference liability for the Long-Term IDR. Now that Rabobank has started issuing SNP, the reference liability for our Long-Term IDR has changed to SNP from senior preferred ('SP') debt previously. Because of this change in reference liability and Rabobank's SNP now being downgraded, also Rabobankʼs Long-Term IDR has been downgraded one notch. Please note that our SP debt rating has been affirmed at 'AA-', as SP debt continues to benefit from the protection offered by the QJD and SNP debt buffers (the combined buffer of QJD and SNP exceeds 10% of RWA).
 
At the same time Fitch affirmed Rabobank's VR and has taken it off RWN because it expects the bank's capitalisation, scored 'a+' and considered a rating strength, to remain sufficiently robust to offset the likely material deterioration of the bank's asset quality and earnings (both scored 'a-') over the next two years as a result of the impact of COVID-19. The Negative Outlook on the Long-Term IDR reflects downside risks to this expectation from a potentially greater-than-expected or more permanent deterioration in asset quality, or delays to the recovery of profitability towards Rabobank's longer-term average levels.
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Investor News Tue, 15 Sep 2020 11:08:45 GMT 269147
<![CDATA[Rabobank Posts Net Result of EUR 227 million for First Half-Year 2020]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20200813-rabobank-posts-net-result-of-eur-227-million-for-first-half-year-2020.html?utm_medium=RSS In the first half of 2020 COVID-19 had a major impact on Rabobank and its customers. Rabobank maintains a strong capital and liquidity position and posted a net result of EUR 227 million.

‘Never before have we faced such rapidly changing circumstances as in this first half-year, due to COVID-19. Its impact has been enormous. First and foremost, it caused a health crisis and massive suffering across the world. It also hit the economy hard. Our customers and all our employees have been affected by multiple aspects of the corona virus, sometimes facing profound and far-reaching impacts. Moreover, the pandemic is not over yet.

As a result of consistent execution of our strategy, our bank was in a strong position when the outbreak started. Our strong buffers will help us through this difficult period and enable us to support our customers and the economy. We were quickly able to adapt to the new reality and continued delivering mainly digital services to our customers. We provided temporary financial relief to around 80,000 customers (7,500 private customers and 72,500 business clients).

Central banks have been taking several measures to support the economy as well. The purpose of these measures is to fund households, SME’s and corporate customers in need of extra liquidity. In March 2020 the European Central Bank (ECB) issued a recommendation to banks not to pay dividends until at least 1 October, 2020. The ECB published an updated recommendation on 28 July, 2020 extending this period to 1 January, 2021. Rabobank is adhering to both recommendations, which means that we will not pay any cash distributions on the Rabobank Certificates during the full year 2020. The updated recommendation itself does not preclude Rabobank from making a distribution in the form of Rabobank Certificates. We will carefully and in our full discretion assess such form of distributions. We want to emphasize that we remain committed to our longstanding relationship with both retail and institutional investors.

We saw an increased use of digital services by our customers. We were able to quickly deploy our online credit platform to ensure a rapid automated response to requests for payment holidays from SME’s. And online mortgage consultations became the norm within weeks. Another initiative was to support local food producers by setting up short food supply chains. Our worldwide sustainability efforts were recognized by Sustainalytics who once again rated Rabobank number one among a group of 374 diversified banks.

Working from home has become the new normal. Our employees have adapted to online meetings and events as part of everyday working life. COVID-19 has taught us that the 'old normal' of going to work and back home all at the same time in a full train or stuck in traffic was not that normal at all. We thank all of our employees for their boundless efforts and flexibility in the face of all the challenges that COVID-19 presented to each and every one of us.’

Net result for the first half-year 2020 was EUR 227 million. This lower result compared to the same period in 2019 can be primarily attributed to the impact of COVID-19. The persistent low interest rate environment also played a role. The effects of COVID-19 are reflected in the significantly higher loan impairment charges which have increased to EUR 1,442 (H1 2019: 440) million, equivalent to 69 (H1 2019: 23) basis points of the average loan portfolio. Income was down due to lower economic activity and negative asset revaluations driven by the COVID-19 pandemic. Operating costs continued the downward trend, thanks in part to the deconsolidation of RNA in the U.S. in 2019. The cost/income ratio rose to 65.3%.

The loan portfolio remained relatively stable at EUR 415.4 billion. As a result of our strategic focus the Food&Agri loan portfolio grew by EUR 1.1 billion to EUR 108.3 billion. Rabobank remains the mortgage market leader in the Netherlands with a market share of 22%. 

Deposits from retail and wholesale customers rose by EUR 23.0 billion (+ 8%) in the first half of 2020. This is in line with the general trend in the Dutch savings market related to the impact of COVID-19 and includes the seasonal impact of holiday allowances.

Rabobank’s capital position remains robust and the common equity tier 1 (CET 1) ratio increased to 16.6%, which is well above the supervisory requirement and exceeds the ambition of at least 14%. In turbulent times, Rabobank demonstrated yet again its ongoing strong access to funding and capital by issuing a number of transactions in different formats and currencies. The return on equity amounted to 1.1% (5.9% in H1 2019).

Looking ahead to the second half of 2020 Draijer says: ‘The coming period will be marked by uncertainty: it is still not clear how the pandemic will develop, how long it will last, or what measures will be needed to bring the virus under control. In line with our mission Growing a better world together we will keep on helping our customers to weather this crisis. However, even the generous government support measures and our own initiatives will not be enough for everyone. We will see the impact of COVID-19 reflected in our full-year results for 2020 and we will remain focused on our costs.

We will continue to give top priority to our role as gatekeeper of the financial system. A great milestone was the establishment of Transaction Monitoring Netherlands (TMNL). Together with other Dutch banks we will join efforts against financial crime, on top of our own transaction monitoring initiatives. We are also continuing our collaboration within the Public Private Partnerships around themes such as Trade Based Money Laundering.

We will stay keenly focused on working towards a robust and future-proof KYC-structure and organization. The DNB evaluation regarding Rabobank’s compliance with the terms of the DNB’s injunction on this topic is ongoing. The timing of completion of DNB’s investigation and the final outcome are currently uncertain.

We will further strengthen the core of our banking business, guided by our clear mission and strategic agenda. As a cooperative bank we continue to offer our customers services that contribute to global transitions ’.

Published: August 13 2020, 07:30 CET

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Thu, 13 Aug 2020 14:01:00 GMT 267859
<![CDATA[Analyst webcast H1 2020 results]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20200813-analyst-webcast-2020-results.html?utm_medium=RSS On 13 August 2020 Rabobank's CEO Wiebe Draijer, CFO Bas Brouwers and CRO Els de Groot hosted a webcast and call for analysts and institutional investors covering our H1 2020 results.

The press release and related content on the H1 2020 results are available . The Investor Relations presentation on the H1 2020 results and the presented sheets during the Analyst webcast are available .

Please click for the on-demand version of the Analyst Webcast on the H1 2020 results, including the sheets presented.

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Investor News Thu, 13 Aug 2020 14:00:00 GMT 267515
<![CDATA[Rabobank joins Nasdaq Sustainable Bond Network]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20200714-rabobank-joins-nasdaq-sustainable-bond-network.html?utm_medium=RSS Last week, Rabobank joined the Nasdaq Sustainable Bond Network (NSBN). This is a global and publicly available platform designed to improve transparency in the market for green, social and sustainability bonds. The network gives investors access to detailed information for investment due diligence, selection and monitoring. It now also includes information on Rabobank’s sustainable bonds, increasing visibility and transparency of the impact that Rabobank’s sustainable funding activities have.

“As a frontrunner in the field of sustainable bonds, Nasdaq launched the world’s first sustainable bond market in 2015”, explains Rosemarie Thijssens, Associate Sustainable Debt Capital Markets. “Their network makes it easier for insurance companies, pension funds and other investors to include sustainability in their investment decisions and reporting. We are glad to be part of this network as it supports our ambition to grow sustainable funding.”

For more information on the NSBN, look here.

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Investor News Tue, 14 Jul 2020 11:40:51 GMT 267442
<![CDATA[Reallocation of Managing Board portfolios put on hold]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2020/20200714-reallocation-managing-board-portfolios-on-hold.html?utm_medium=RSS

As previously announced (see our news update of 28 April 2020), the Managing Board decided to reallocate the board portfolios as of September 1st, 2020 following the departure of Jan van Nieuwenhuizen. The Managing Board has now decided to put the reallocation of these portfolios on hold due to, among others, the impact of COVID-19 as well as other priority issues (including KYC) requiring full attention of the directly involved board members. In practice this means that all members of the Managing Board will keep their current portfolio until further notice. From September 1st, 2020 Berry Marttin will take interim responsibility for Jan van Nieuwenhuizen’s portfolio.

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Investor News Tue, 14 Jul 2020 09:04:39 GMT 267420