Rabobank Supports Aquaculture New Zealand

Media Release
June 18, 2007

Rabobank supports Aquaculture New Zealand

A significant lender to the aquaculture industry both globally and in New Zealand, agribusiness banking specialist, Rabobank has announced its support of the newly formed Aquaculture New Zealand, a single unified organisation for the aquaculture industry.

The world's leading food and agribusiness bank says that the partnership with Aquaculture New Zealand is a natural and logical fit for the bank who has been a long-time lender to the aquaculture sector. Speaking at the Aquaculture New Zealand launch at the Boathouse in Nelson, Ben Russell, Rabobank's General Manager for rural New Zealand, said that the establishment of a single unified organisation for the Aquaculture industry was a significant step forward and that the bank was looking forward to an active and long-term partnership with the organisation.

"Aquaculture New Zealand will enhance the confidence of all stakeholders at a time when the growth prospects for the sector have never been stronger, and we congratulate everyone involved," Mr Russell said, adding that its formation comes at an important time for the industry.

"Globally, aquaculture is the world's fastest growing animal protein sector. Global production is expanding rapidly, particularly in developing countries where cost structures and environmental constraints are lower. Consumer demands are also changing rapidly, particularly in relation to environmental sustainability," he said.

Mr Russell commented that these trends present both threats and opportunities for New Zealand aquaculture, however he was confident that that the opportunities far outweigh the threats.

"Consumer requirements for products that can demonstrate the key elements of corporate social responsibility, and associated supply chain integrity play well to the competitive advantages of New Zealand Aquaculture," Mr Russell said. "Indeed, the New Zealand industry must continue to differentiate itself on the basis of quality, sustainability and product integrity - competing with the likes of China, Thailand and Vietnam on a lowest cost of production playing field is a contest we are likely to lose."

Mr Russell commented on the significant improvements that the New Zealand industry had already undergone in the business environment for aquaculture, citing the Aquaculture Law Reforms of 2004 and the New Zealand Aquaculture Strategy as two fundamental improvements.

"The formation of Aquaculture New Zealand is another critical step in aiding investment in the industry. Investors of any kind, both equity and debt, seek information on industry outlook, production, markets and risks. Good quality information on these matters will increase the confidence and speed of investment," he said. "These are all strategies that Rabobank supports to the highest order."

In New Zealand, Rabobank has aquaculture specialists in five of its branches, including Peter Lewis, from the Thames branch and Bruce McMurtrie from Nelson, who both attended the launch. "The bank has a strong portfolio of aquaculture customers, many of whom are here tonight, and we look forward to further growth in these and other relationships in the industry," Mr Russell said.

Rabobank is strongly committed to corporate social responsibility, with a vision to be a cooperative, high quality organisation focused on sustainability. In 2006, the Rabobank group was the fourth ranked company in Standard & Poors Tomorrow's Value sustainability survey, which is conducted in partnership with SustainAbility and the United Nations Environmental Program.

About Rabobank
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 a AAA credit rating and is rated one of the world's safest bank by Global Finance magazine. Rabobank operates in 43 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1500 offices and branches.

Rabobank is one of New Zealand's leading rural lenders and a significant provider of business and corporate banking and financial services to the country's food and agribusiness sector. The bank has 29 branches throughout New Zealand.

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