Rabobank will launch its Robeco global asset management business to Australia over the next year as the Dutch bank looks to add wealth manag...

Rabobank will launch its Robeco global asset management business to Australia over the next year as the Dutch bank looks to add wealth management to its already thriving agricultural banking business in the country. Rabobank, which claims around 20 per cent of all Australian farm debt and assets of A$7.35 billion ($5.5 billion), says its strategy is to add wealth management – and later insurance – to its offering targeting more affluent Australian farmers. The bank’s global chairman Bert Heemskerk has been in Australia this week and told local media Rabo was “targeting autonomous growth” but said he was surprised by speculation that it was pondering a bid for Bendigo Bank or Suncorp, both successful regional players with good wealth management businesses. “But if there are opportunities to buy medium-sized banks or entities – as we have done so in the past 15 years, in Australia – then we would look at it seriously,” Mr Heemskerk said. Rabobank Australia and New Zealand reported a pre tax operating profit of A$161 million for 2005, slightly down on the previous year. But after entering the Australian market in 1990, the bank has 50 branches and competes with the National Australia Bank and Elders Rural Bank in lending to rural Australia. Rabo’s growth in Australia was boosted by the acquisition of Primary Industry Bank of Australia. Local chief Bruce Dick said the bank was forecasting “very strong organic growth” in the double digits.