Rabobank seeks to beef up Australian presence

The Dutch banker taps Australia’s rural banking market as it recruit staff for its expansion in the country.

Australia remains a key market for Rabobank, as The Netherlands-based lender seeks to consolidate its position as one of the world's leading agricultural banks.

Berry Marttin, a member of the Rabobank executive board, on Tuesday said the nation was "blessed" with its rich endowment of minerals, along with food and other commodities.

"You have what people need," said Mr Marttin, who lived in Australia six years ago and is visiting the country.

Rabobank ranks a close second to National Australia Bank in the $56 billion agriculture market. In 2007, it also launched a challenger brand, RaboDirect, in the hotly contested deposits sector, mainly targeting large urban centres.

RaboDirect now has a $4bn pool of deposits with which it partly funds its $20bn rural book.

Neil Dobbin, group executive for country banking, said competition was intense in the rural sector because it was "booming". "A lot of banks have signalled their intentions for the agricultural sector, but you have to have the resources, the capability and the brand to succeed," Mr Dobbin said.

View the full story in The Australian.