Rabobank announces consolidation of its agribusiness activities across the United States and the sale of its subsidiary Rabobank, National Association (RNA) to Mechanics Bank.
The majority of the current Food & Agri clients of RNA will be serviced by Rabo AgriFinance after the transfer of the related assets thereto.
Wiebe Draijer, CEO of Rabobank commented: “Our Banking for Food strategy is the driving force behind Rabobank’s growth of our international loan portfolio. We are committed to the United States, which is the largest agricultural market worldwide and an important growth pillar for Rabobank. When the transition is completed, Rabo AgriFinance will be the only U.S. lender to offer a broad, nationwide view of the agricultural sector coupled with local expertise and global resources”.
In parallel, Rabobank has entered into an agreement to sell RNA’s retail, business banking, commercial real estate, mortgage, wealth management and other non-Food & Agri businesses to Mechanics Bank, a community bank based in Walnut Creek, California. Rabobank will own a 9.9% stake in the combined bank.
“Being part of Rabobank since 2002, RNA has become a leading community bank in California.” said Wiebe Draijer. “I would like to express my appreciation to the management and employees of RNA for building a strong bank, improving financial performance and, most importantly, providing an excellent customer experience. We believe RNA will substantially contribute to the future success of Mechanics Bank, given their complementary retail and commercial banking business and focus on local communities across the state of California.”
For more information:
Rabobank
www.rabobank.com