7 August 2003

Rabobank has appointed Mike Taylor and Phil McKinstry to the newly-created positions of South Island Regional Manager and North Island Regional Manager respectively for its Business Banking Division.

Rabobank Australasia General Manager, Business Banking Dean Clark said the new positions were part of the ongoing development of the group's Business Banking Division, which was established two years ago.

"The Business Banking Division has grown rapidly in the past two years and has now developed to the stage where it is appropriate to introduce a regional management structure to service clients and support business growth in New Zealand," he said.

Mr Taylor brings more than 20 years experience in business banking to his new role. Previously a Senior Manager, Business Banking with Rabobank, Mr Taylor has worked in a variety of roles in business banking, including credit, trade finance and client relationship management. Prior to joining Rabobank, he spent eight years with ASB Bank and nine years with the Bank of New Zealand, working in business banking.

Mr McKinstry joined Rabobank in 1993 and has worked in a variety of roles across its Rural, Corporate and Business Banking Divisions.

He was appointed to the position of Senior Manager, Business Banking in 2001 and has been instrumental to establishing Rabobank's Business Banking operations in New Zealand. Prior to joining Rabobank, Mr McKinstry spent six years with the New Zealand Rural Bank. He has a Bachelor of Agriculture from Massey University, New Zealand.

"In their new positions, Mike and Phil will lead New Zealand's Business Banking operation to the next level of growth in this market," Mr Clark says.

Rabobank's Business Banking Division was launched in 2001 to meet the specialist financial needs of middle-market (small and medium) enterprises working in the food, beverage and agribusiness industries and related manufacturing and service sectors. Clients include processors, cooperatives, retailers, wholesalers and exporters.

Rabobank Australasia is a part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking.

Rabobank is one of New Zealand's major rural lenders and a significant provider of corporate banking and financial services to the food and agribusiness sector.

Its Business Banking Division operates in seven locations across New Zealand and Australia and has steadily grown its client base of middle market food and agribusinesses.

For further information please contact Janet Skilton (Tel: +64 4 462 5650) or please email wellington.pr@rabobank.com.