Sale of Rabobank, National Association finalized
Rabobank has completed the sale of Rabobank, National Association (“RNA”) to Mechanics Bank, which was announced earlier this year for a total consideration of approximately USD 2.1 billion.
On 31 August 2019, the sale transaction was finalized after satisfying all customary closing conditions and the receipt of all required regulatory approvals. In line with our “Banking for Food” strategy, approximately USD 5 billion of Food & Agribusiness (F&A) assets were transferred from RNA to Rabo AgriFinance on 1 July 2019.
By consolidating all of our U.S. rural agribusiness operations under a single roof, Rabo AgriFinance will be the only U.S. ag lender to serve the F&A sector coast-to-coast by coupling local expertise with global sector knowledge.
This move gives Rabobank a strong foundation for further expansion in the U.S. and supports our growth strategy across the entire F&A value chain in North America, which includes our Rural and Wholesale Banking businesses and our leasing business, DLL.