30 October 2003

Rabobank has announced two new appointments to head its growing rural and business banking divisions in New Zealand.

Doug Crombie has been appointed to the position of general manager - Rural New Zealand, while Mike Taylor takes on the role of national manager - Business Banking New Zealand.

Rabobank New Zealand/Australia CEO Bruce Dick said the appointments were part of the bank's ongoing growth and development in New Zealand and Australia.

"Rabobank has undergone considerable growth and expansion in Australasia in recent years. This has resulted in some changes to our organisational structure to best support client service and growth into the future," Mr Dick said.

Doug Crombie takes over the running of Rabobank's successful New Zealand rural banking operation from Bryan Inch, who has held the role for the past five years. Mr Inch is moving to Sydney where he will be head of financial services - Australia and New Zealand. In this new role, he will be responsible for succession planning, wealth management, deposit portfolio and alliance development.

Mike Taylor has moved into the newly-created position of national manager - New Zealand Business Banking, following the consolidation of Rabobank's fast-developing New Zealand business banking operation into a single business unit.

Mr Dick said Doug Crombie and Mike Taylor were "extremely experienced and highly-respected banking professionals, who will be well placed to lead their respective divisions of the bank into the future in the New Zealand market."

Doug Crombie has held the position of director - Rural Banking for Rabobank in New Zealand for the past three years. He joined Rabobank in 1998 and was previously general manager with Wrightson Financial Services.

Mike Taylor was previously South Island regional manager for Rabobank's Business Banking division. He joined Rabobank in 2001 and has more than 20 years experience in business banking, working in a variety of roles including credit, trade finance and client relationship management.

Rabobank New Zealand is a part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 100 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank has in recent years twice been awarded the title of the world's safest bank by Global Finance magazine. Rabobank operates in 35 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1900 offices and branches.

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