BOA EXPLORES PATNERSHIP WITH RABOBANK

0

BOA explores patnership with Rabobank
By FOSTER OBI
Monday, April 02,  2012

As part of its transformation and institutional revitalization plan, the Bank of Agriculture (BoA) is exploring technical partnership agreement with Rabobank of the Netherlands. The technical partnership will see BoA drawing from the broad and deep experiences of Rabobank.

Rabobank is reputed to be the biggest player in cooperative lending to the agriculture and food business worldwide. The bank which is the biggest bank in Netherlands is rated one of the top 30 banks in the world and has assets of about 700 billion Euro and profit of about 2 billion Euro. Rabobank, with over 2 million shareholders also has about 10 million clients in the 900 branches of its 141 local banks. The bank operates in about 50 countries worldwide.

In pursuant of the partnership, a team of two senior executives of Rabobank, Messrs Gerard Van Empel, Director and Founder of Rabo Development, and Frank Nagel, Head, Banking Advisory visited the BOA Kaduna Head Office where they had interactions with the BOA Management. The Rabo team also interacted with some BOA field operation staff and clients during visits to the bank’s branch offices and clients’ business locations.

As part of the team’s interactions with the BOA stakeholders, the team was led on a visit to the Central Bank of Nigeria by BOA’s Managing Director/CEO, Dr. Mohammed K. Santuraki. Receiving the team in his office, the Central Bank of Nigeria (CBN) Deputy Governor, Dr. Sylvester Moghalu commended the BOA/Rabobank partnership while expressing the CBN’s support for the initiative which he described as “a move in the right direction.”

He noted that the apex Bank is aware of the fundamental changes being undertaken in the BOA Management while expressing the CBN’s support for the restructuring and transformation initiatives. The Deputy Governor went further to inform that the CBN has a “strong role” for the transformed BOA while commending the zeal of the Santuraki-led Management to transform the institution.

Speaking earlier during the visit, the BOA Managing Director/CEO, Dr. Santuraki observed that Rabobank has a similar history with the BOA. He described it as a cooperative bank focused on lending to agriculture, food and agribusiness. He noted that since the current management assumed leadership, they have initiated efforts to create a viable sustainable institution that will not continuously go back to its stakeholders with unending requests for recapitalization.

View the original article here

Send your news stories to [email protected] Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here