Jakarta, Indonesia
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 percent of the shares, while the remaining 5 percent 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 build 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 organisations 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."
About the Rabobank Group
The Rabobank Group is the only privately owned bank in the world with the highest possible credit rating from both Standard & Poor's (AAA) and Moody's Investors Service (Aaa); it is also ranked in the world's top three safest bank by Global Finance magazine.
The Rabobank Group is a financial services leader providing retail and institutional banking and agricultural finance solutions in key markets around the world to over nine million private and business customers. Rabobank is headquartered in Utrecht, the Netherlands, with 52,000 employees located worldwide in 1,518 offices across 38 countries.
Internationally, the Group encompasses well-known specialised entities including Rabobank International (corporate banking, investment banking and international internet and retail banking), De Lage Landen (leasing and vendor financing) and Robeco (asset management). From its century-old roots as a finance cooperative founded in 1898 by Dutch farmers, Rabobank has grown into one of the 25 largest banks worldwide with approximately EUR 521 billion in assets. Net profits for the year 2005 amounted to EUR 2.1 billion.
More information about the Rabobank Group can be obtained from our 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
To view the photograph please click the link below:
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Devitadian Wasis (Dita) Indo Pacific, Reputation Management Consultants, + 62 21 781 2436, Mobile: + 62 811165195, Facsimile: + 62 21 781 2423 dita@indopacificpr.co.id
Antonio D. Costa, President Director, PT Bank Rabobank International Indonesia, + 62 21 252 0876
Source: Rabo India Finance Limited (Business Wire India)