Rabobank to acquire HNS Banco

Origineel persbericht.

Creates Leading National Chilean Bank Serving Medium and Large Businesses

Santiago de Chile - Rabobank, the international financial services leader specializing in the agricultural and agribusiness sectors and community banking, and GE Commercial Finance and Ergas Group, owners of HNS Banco, today announced an acquisition agreement through which HNS Banco will become part of the Rabobank Group. Rabobank's existing operations in Chile will be integrated with HNS Banco, which will be renamed Rabobank Chile, and will become the principal Rabobank business entity in Chile.

Under the transaction, Rabobank will acquire 100% of the shares of HNS Banco from GE Commercial Finance and Ergas Group. The transaction is expected to close by end of April 2007, subject to the receipt of all required regulatory approvals.

HNS Banco was founded in 2002 and obtained its banking license in the same year. Through its 11 Chilean offices from Antofagasta to Punta Arenas, HNS Banco provides an extensive client base with an array of commercial banking products as well as leasing and factoring solutions. As of December 31, 2006, it had CLP 170 billion in assets and over 230 employees.

'We are very pleased to announce this agreement to acquire HNS Banco, and look forward to welcoming HNS employees and customers into the Rabobank family,'said Thos Gieskes, General Manager of Chile for Rabobank.'This transaction combines HNS'well-established local banking operations with Rabobank's solid position in the Chilean corporate sector, to create a strong Chilean bank delivering first-class commercial banking services to local Chilean businesses and corporations nationwide. It is an excellent match of two organizations with wholly complementary business models and target markets, yet sharing a commitment to superior customer service and personalized banking relationships.'

'Through our strong international presence, triple A rating and access to global capital markets, Rabobank will provide the resources necessary to continue the strong growth of HNS, while maintaining HNS'commitment to excellent client service. HNS in turn gives Rabobank the platform, via its products and network of local offices, to expand its already important role in serving the financial needs of Chilean agricultural and agro industrial companies.'

Carlos Cáceres, Chairman of the Board of HNS Banco, said, 'We are pleased to have found in Rabobank such an excellent owner, who will place a high priority on maintaining and protecting HNS' client relationships, while also investing in the growth of the bank to expand the resources and services available to its customers. Likewise, HNS employees will benefit from being part of a global financial services leader such as Rabobank, who can offer considerable opportunities for career growth and professional development.'
Gonzalo Valdes, General Manager of HNS Banco, commented 'This acquisition by Rabobank is a very positive development in the growth of our bank. Because our business models are complementary with little overlap, and because we share a strong commitment to service excellence, we expect the merger of the two organizations to be seamless for our clients and employees. The benefits of combining Rabobank's Chilean operations with those of HNS are significant: through access to Rabobank's tremendous resources, breadth of financial services and global reach, we will be able to offer our clients a greater array of world class banking products and services, while continuing to serve clients through our current network of locations.'

Combining HNS with Rabobank
'Over the next few months, we will evaluate the best way to combine the two organizations,' said Gieskes, 'while maintaining the best features of both organizations. Both HNS customers and Rabobank customers can be assured that they will continue to work with the same local bank staff and continue to receive the same high level of service they always have had.'

Rabobank's Growing Presence in Chile
Rabobank has been present in Chile since 1994 when it established a representative office. It currently has 45 employees in its Santiago office working through various financial subsidiaries, including Rabofinance Chile Agentes de Valores, S.A. established in 2005.

Rabobank's focus on building local banking networks in key countries around the world is an important component in the bank's long-term business strategy. Over the last decade, Rabobank has successfully developed local banking networks in important international markets such as the U.S., Australia, New Zealand, Poland and Indonesia. Rabobank's acquisition of Banco HNS will create a leading mid-sized Chilean commercial bank serving local businesses and multinational corporate clients in the food and agribusiness industry and other important sectors.

Hans ten Cate, member of the executive board of Rabobank Group and chairman of Rabobank International, adds that 'The acquisition of HNS is a further step in Rabobank's strategy to expand our presence in Chile in both the corporate and local business markets, and confirms our commitment to Chile as a key country in the bank's long-term strategy.'

Ten Cate continued,'HNS provides Rabobank with a strong platform for growth in the Chilean market. By leveraging the combined resources, local knowledge and financial capabilities of both banks, we will be able to provide a full range of competitive products to meet the financial needs of businesses, organizations and agricultural clients throughout the country.'

Rabobank's international business focuses primarily on the Food & Agribusiness sector, a focus largely determined by the bank's roots. From those century-old roots in farm and rural financing, Rabobank - currently ranked as the 25th largest bank in the world - has achieved a very prominent position in community banking and the leading market share in the financing of small and medium sized companies in its home Dutch market. Rabobank's commitment to these business segments is an important component in its international business strategy. With the acquisition of HNS, Rabobank now has the opportunity to bring its model of high service, world class banking to local Chilean businesses.

For more information, please contact:
Raymond Salet, Rabobank Group Press Information Office, [email protected], tel.: + 31 30 216 28 32

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