Rabobank to Invest Further in Hagabank and Bank Hagakita Ambition to become the ‘bank of reference’ for SME banking in Indonesia
January 2007 – Jakarta
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% of the shares , while the remaining 5% will be retained by Anton Suleiman and Timoty 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 built 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 organizations 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.” |
