Rabobank International to lose independent status, says FD

DutchNews.nl, Wednesday 11 December 2013

The head office of Rabobank

in Utrecht (Nos/ ANP XTRA)

Rabobank’s international arm is to lose its separate status and be integrated back into Rabobank Nederland, the Financieele Dagblad reports on Wednesday.

The international division, based in London and Singapore, was at the centre of efforts to manipulate Libor interest rates by Rabobank staff, the FD said.

The change in status has been recommended by the management board and put to the bank’s workers’ council for its opinion. The paper has obtained a copy of the recommendations in a report named ‘Together we are one Rabobank’.

Under the plans, Rabobank International will lose its own staff departments, including personnel and IT.

The main change, the paper says, is that in future risk managers will report to CFO Bert Bruggink, rather than the head of the international department. That post is currently vacant, following the resignation of Sipko Schat in the wake of the Libor scandal.

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