RaboResearch Disclosure
Coöperatieve Rabobank U.A. (CRUA) publishes economic and market reports under the RaboResearch (RR) label. Occasionally the RR Global Economics & Markets (RR GEM) reports may mention names of issuers or (issuer’s) financial instruments. These mentions may result in mandatory regulatory disclosures of potential conflicts of interest of CRUA in respect of the covering analyst(s), an issuer or a financial instrument mentioned in the RR GEM report.
With regard to these mentions and mandatory disclosures CRUA would like to state that:
RR’s policy prohibits its analysts from owning or trading of any financial instrument of any issuer in the analyst's area of coverage, likewise the RR policy generally prohibits RR analysts from executing an outside interest at an issuer in the analyst's area of coverage.
CRUA may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) and trade or otherwise effect transactions for their own account in issuer’s or financial instruments mentioned in the RR GEM reports. In the event such a position is to be disclosed (i.e. passing a to CRUA applicable regulatory threshold) its existence will be disclosed in the registers of the Authority for the Financial Markets in the Netherlands.
CRUA may receive fees for investment banking services from issuers (underwriting, placing of financial instruments as per MiFID II). In case such an issuer is mentioned in a RR GEM report and CRUA has earned such fees during the past 12 months the existence of such fees will be disclosed in the table below.
CRUA acts as a primary dealer for the Kingdom of the Netherlands and the Federal Republic of Germany.
Disclosure - Last updated 29 August 2025
| ISSUERS FROM WHOM CRUA EARNED FEES IN THE LAST 12 MONTHS |
|---|
| ACHMEA BANK |
| ANZ BANKING GROUP |
| ASR |
| BANK OF AMERICA |
| BANK OF NOVA SCOTIA |
| BARCLAYS BANK |
| BBVA (Banco Bilbao Vizcaya Argentaria SA) |
| BELFIUS BANK |
| BNG BANK |
| BNP PARIBAS |
| BPCE SFH |
| CFF (Crédit Foncier de France) |
| CITIBANK |
| COMMONWEALTH BANK OF AUSTRALIA |
| COUNCIL OF EUROPE |
| CREDIT AGRICOLE |
| DE VOLKSBANK |
| DEUTSCHE BANK |
| DZ HYP |
| EIB EARN (European Investment Bank) |
| FEDERAL REPUBLIC OF GERMANY |
| FMO - NL Financierings-Maatschappij voor Ontwikkelingslanden NV |
| Goldman Sachs |
| HSBC |
| JEFFERIES |
| JOINT LAENDER |
| JP MORGAN |
| KNAB N.V. |
| LAND BERLIN |
| LAND BRANDENBURG (state) |
| LAND BREMEN (state) |
| Land Hessen |
| LAND NRW (State of North Rhine-Westphalia) |
| LAND SAXONY-ANHALT (state) |
| LAND SCHLESWIG-HOLSTEIN (state) |
| LBBW (Landesbank Baden-Württemberg) |
| LOWER SAXONY (state) |
| Mizuho Financial Group Inc |
| MORGAN STANLEY |
| NATIONAL AUSTRALIA BANK |
| NATWEST GROUP |
| NATIONALE NEDERLANDEN |
| Norinchukin |
| NWB BANK (Nederlandse Waterschapsbank) |
| RABOBANK |
| RBC (Royal Bank of Canada) |
| RENTENBANK (Landwirtschaftliche Rentenbank) |
| SANTANDER |
| SOCIETE GENERALE |
| STADT HAMBURG LSA |
| TORONTO-DOMINION BANK (TD Bank) |
| TRIODOS BANK NV |
| UBS GROUP |
| WELLS FARGO & CO |
| WESTPAC BANKING GROUP |