Australian Daryl Johnson, whose career has included stints with the ANZ and most recently the National Australia Bank, said the Netherlands co-operative bank’s market share was 16 per cent.
«We want to expand, we’ve got no intent to veer from our strategic focus. We’re looking at all sectors, even in dairy, we’ve got an appetite to expand,» Johnson said.
One of the benefits of being a bank that was focused only on food and agriculture was that it took a medium to long term view.
«Also, the fact it doesn’t have to pay dividends, the fact it doesn’t have a share price that’s monitored daily by analysts, allows it to take medium and longer term views,» Johnson said.
He said that, given the importance of dairy to New Zealand, «we’ve got to keep playing in that space».
«Longer term we’re still optimistic about the outlook for dairy but it’s taken a bit long than most people would have expected to see an uptick in prices. We’re starting to see positive changes with absolute drops in supply. People are starting to respond to market signals.»
Until last year Johnson was CEO Asia for National Australia Bank, leading the bank’s operations across China, Japan, Hong Kong, Singapore, India, Indonesia and Vietnam. He has more than 35 years’ experience in banking and finance.
Early in his banking career in Western Australia, Johnson worked with rural communities in the wheat belt.
He said his lack of experience in the New Zealand primary sector should not be an impediment.
«Rabo is full of agriculture experts, its depth of expertise and food and agriculture research is second to none, and that’s something I can tap into. My role is to lead the bank from a business perspective, with a 100 per cent focus on food and agriculture,» Johnson said.
Rabobank posted a 26 per cent drop in annual profit for 2015, from $149 million to $121m. Johnson said the bank was «comfortable» with its financial situation.
Prior to Johnson’s appointment, interim CEO Crawford Taylor had filled in following the departure of Ben Russell, who left the bank after four years at the helm to join rival Heartland Bank.
Source: Stuff
Link: http://www.stuff.co.nz/business/farming/82451576/New-Rabobank-CEO-in-expansionist-mood