Gunvor Completes Financing to Support Novorossiysk Fuel Oil Terminal

GENEVA – Gunvor Group, a leading global physical energy trading company, has closed a EUR 400 million, 5-year term loan (the “Facility”) guaranteed by SACE, the Italian Export Credit Agency (“ECA”) with UniCredit acting as Global Coordinator. The goal of the Facility is to support Italian industry by securing natural gas and liquefied natural gas (LNG) supplies while promoting the export of Italy’s goods and services. Gunvor is a leading global trader of LNG, and one of the largest physical natural gas traders in Europe.

“Gunvor is pleased to support SACE’s push strategy by helping secure energy supplies to the country and having the opportunity to further grow the business with Italian customers and suppliers,” said Jeff Webster, Gunvor Group Chief Financial Officer.

"In times of unprecedented complexity, the need for innovative business support mechanisms becomes crucial. We take pride in this operation, which, as part of our Push Strategy, aids Italian companies in exploring new markets while facilitating access to relevant energy supplies," stated Ciro Aquino Regional Manager Middle East – Head of Dubai Office SACE. The support of strategic imports represents a new and timely initiative by SACE, aligned with the objectives of the INSIEME 2025 Industrial Plan. Its goal is to improve the resilience of the national economic landscape, relaunch the competitiveness of companies in global markets, and consolidate growth within domestic markets.

“UniCredit is proud to arrange and coordinate this Facility, which marks a significant step in bolstering gas security across Europe. Its role as a novel facility type for commodity traders underscores our commitment to ensuring reliable energy supplies while innovating trade finance strategies in an ever-evolving energy landscape,” said Stefan Koller, Global Head of Asset Based Financing at UniCredit.

UniCredit Bank AG acted as Global Coordinator, Bookrunner, Documentation Agent and is the Facility Agent. Crédit Agricole Corporate And Investment Bank, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main, ING Bank N.V. and Unicredit Bank AG act as Mandated Lead Arrangers and Erste Group Bank AG acts as Lead Arranger for the Facility.

Clifford Chance, as Legal Counsel to SACE and UniCredit, contributed to finalising the transaction.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—refineries, pipelines, storage and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

The Facility received strong support from Gunvor’s banking partners and attracted new banks, increasing the total amount of the facility from the previous year.

The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,395,000,000 364-day tranche of the 2022 European Revolving Credit Facilities Agreement, dated 10 November 2022, and the US $290,000,000 3-year tranche of the 2021 European Revolving Credit Facilities Agreement dated 10 November 2021.

The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: US $1.535 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: US $350 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility has a US $400 million Accordion Option and complements the existing US $280 million 3-year tranche of the 2022 European Revolving Credit Facilities Agreement.

Similar to last year’s Revolving Credit Facilities Agreement, the Facility includes four KPIs supporting the Group’s strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The KPIs relate to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified in line with LMA SLL principles.

"Gunvor is delighted with the continuous support we have received from our financing partners. The growing capacity of the facility along with the new lenders demonstrate the strong relationship the company has with its core banking group,” said Jeff Webster, Chief Financial Officer of Gunvor Group.

Arab Petroleum Investments Corporation (Apicorp), Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis CIB, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis CIB, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis CIB and Société Générale acted as Joint Sustainability Coordinators of the Facility.

China Construction Bank Corporation, Beijing, Swiss Branch Zurich, Citibank N.A., Jersey Branch, Emirates NBD PJSC, Industrial and Commercial Bank of China Limited, London Branch and Mizuho Bank are Senior Mandated Lead Arrangers. Qatar National Bank (Q.P.S.C.) Paris Branch joined as a new Senior Mandated Lead Arranger.

DZ Bank AG and Erste Group Bank AG are Mandated Lead Arrangers.

KfW Ipex-Bank Limited and Sumitomo Mitsui Trust Bank, Limited (London Branch) are Lead Arrangers. China CITIC Bank Corporation Limited, London Branch joined as a new Lead Arranger.

ABC International Bank Plc, Afrasia Bank Limited, Arab Bank (Switzerland) Ltd, Banco BPM S.p.A, Banque de Commerce et de Placements, Bank of China Ltd, London Branch, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, GarantiBank International N.V., Habib Bank AG, Mashreqbank, Raiffeisen Bank International AG and Union de Banques Arabes et Françaises are Arrangers. CaixaBank S.A., DBS Bank Ltd., London Branch, First Commercial Bank London Branch and OTP Bank Plc. joined as a new Arrangers.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—refineries, pipelines, storage and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

HOUSTON (8 November 2023) – Gunvor USA LLC (“Gunvor USA” or “the Company”), an indirect, wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or “the Group”), has successfully closed the syndication of its US $1.60 billion uncommitted borrowing base credit facility (“the Facility”). The Facility includes a US $1.28 billion one-year tranche, a US $320 million two-year tranche, and a US $500 million accordion feature, which remains available to support future growth.

The proceeds of the Facility will refinance Gunvor USA’s existing $1.45 billion borrowing base facility signed in October 2022, provide continued working capital financing for the Company’s merchant activities, and fund general corporate purposes.

“Gunvor USA’s successful oversubscription reflects the continued confidence of our banking partners toward the U.S. business and Group globally,” said David Garza, Managing Director of Gunvor USA. “Our business model has proven to be resilient during times of market stress, and that success combined with bank market support affords us the ability to focus on growth opportunities.”

The Facility is led by Rabobank, which serves as Administrative Agent, Joint Lead Arranger, Active Bookrunner, Coordinator, and Left Lead. Société Générale, was mandated as Active Bookrunner and Joint Lead Arranger. ING Capital LLC, was mandated as Passive Bookrunner and Joint Lead Arranger. Natixis, New York Branch, Credit Agricole Corporate and Investment Bank, and MUFG Bank Ltd., each serve as Joint Lead Arrangers and share Co-Syndication Agent duties. Sumitomo Mitsui Banking Corporation, Citibank, N.A., and Industrial and Commercial Bank of China Limited, New York Branch remain as Co-Documentation Agents.

Thomas Smith, Regional CFO for the Americas, commented: “Despite a challenging credit market, the Facility benefitted from the strong support of our 18 new and existing lenders, being oversubscribed in syndication and subsequently increased to $1.6 billion. The increase reflects the growing collaboration between Gunvor USA and its banking partners who remain supportive of the Company’s strategy for continued participation in traditional energy markets while pursuing its energy transition goals.”

Zukerman Gore Brandeis & Crossman, LLP serves as counsel to the Administrative Agent. McGuireWoods LLP serves as counsel to the borrower.

About Gunvor USA
Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd, one of the world’s largest independent commodities trading houses by turnover. Gunvor Group creates logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced to where they are demanded most. With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million MT of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor

Four new banks join existing lending group Gunvor Group Ltd (“Gunvor” or the “Group”) has refinanced and increased its Off Balance Sheet Instruments Revolving Credit Facility (“Facility”) to US $1.37 billion, up from US $990 million in 2022, in favour of Gunvor SA and Gunvor International B.V. The Facility received strong support from Gunvor’s existing banking and institutional partners and welcomed four new participants. The Facility will support Gunvor in connection with its obligations to issue directly or indirectly off-balance sheet instruments as part of its business in the form of standby letters of credit, bid bonds, performance bonds, and various other types of guarantee instruments. “The sizeable increase in the Facility reflects Gunvor’s growth over the past two years and our desire to expand globally,” said Jeff Webster, Gunvor’s Chief Financial Officer. “This is a clear demonstration of the commitment of our banking and insurance partners to support our strategy.” ING Bank N.V. (“ING”) acted as sole Coordinator and Documentation Agent in the Facility. Société Générale will continue its role as the Facility Agent and Coöperatieve Rabobank U.A., ING Bank N.V., Amsterdam, Lancy/Geneva Branch, Natixis, Raiffeisen Bank International AG, Société Générale and SMBC Bank International Plc are the Issuing Banks. The Facility, which was launched at US $1 billion was significantly oversubscribed after syndication and subsequently increased to US $1.37 billion. The participation banks and institutions in the Facility are as follows:

ABC International Bank Plc
Abu Dhabi Commercial Bank PJSC
Atradius
Bank of China Limited, London Branch
CA Indosuez (Switzerland) SA
China Construction Bank Corporation, Beijing, Swiss Branch Zurich
Commercial Bank of Dubai PSC
Commerzbank AG, London Branch
Coöperatieve Rabobank U.A.
Credendo Guarantees & Specialty Risks
Credit Suisse (Switzerland) Ltd.
DBS Bank Ltd., London Branch
Deutsche Bank AG, Amsterdam Branch
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Erste Group Bank AG
Euler Hermes SA
First Abu Dhabi Bank (PJSC)
HCC International Insurance Company Plc
Industrial and Commercial Bank of China Limited, London Branch
ING Bank N.V.
Liberty Mutual Insurance Europe SE
Lloyds Bank PLC
Markel Insurance SE
Mizuho Bank, Ltd
Natixis
Raiffeisen Bank International AG
SMBC Bank International plc
Société Générale
Sumitomo Mitsui Trust Bank, Limited (London Branch)
UBS Switzerland AG

Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $1.035 billion sustainability-linked, syndicated revolving credit facility (the “Facility”) on 16 June 2023. The Facility, which was launched initially at US $550 million in April 2023, benefited from strong support from a total of 26 existing and new banks and closed significantly oversubscribed by over 88 percent, increasing the total facility amount from the previous year. The Borrower has further upsized the Facility by US $90 million via an accordion feature, which was structured to accommodate two banks that joined the Facility after June 2023, bringing the total Facility amount to US$1.125 billion as of 14 July 2023. The 364-day Facility, which is guaranteed by the Company and includes two 12-month extension options, is intended to refinance the Borrower’s existing indebtedness, and for general corporate and working capital purposes. This is the second time the Borrower is using the sustainability-linked loan structure, which was first introduced in the Company’s European flagship corporate facility in 2021 and adopted in the Asian RCF in 2022. It includes ambitious sustainability Key Performance Indicators (KPIs) covering climate change and Human Rights, which will be tested annually and verified externally, to showcase Gunvor’s commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The KPIs relate to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the impact of the Group's assets, JVs and suppliers on Human Rights. "The successful renewal of our Asian RCF is the result of the deep collaboration between Gunvor and its banking partners, supported by our strong performance and positive outlook. We are also glad to welcome new lenders joining our anchor facility", said Jean Rohr, Gunvor’s Regional CFO for Asia-Pacific. Abu Dhabi Commercial Bank PJSC, China CITIC Bank International Limited, DBS Bank Ltd., MUFG Bank, Ltd., Natixis, Singapore Branch and Oversea-Chinese Banking Corporation Ltd were mandated to arrange the Facility and acted as the Active Bookrunning Mandated Lead Arrangers for the Facility, with Agricultural Bank of China Limited, Singapore Branch, Arab Petroleum Investments Corporation (APICORP), Emirates NBD Bank (P.J.S.C), Singapore Branch, First Abu Dhabi Bank PJSC – Singapore Branch and State Bank of India, Singapore Branch joined as the Bookrunning Mandated Lead Arrangers. Natixis, Singapore Branch also acted as Facility Agent and Sustainability Coordinator of the Facility. Coöperatieve Rabobank U.A., Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch and ING Bank N.V., Singapore Branch are Senior Mandated Lead Arrangers. Indian Bank, Singapore joined as a new Mandated Lead Arranger, whereas Credit Suisse (Switzerland) Ltd., Société Générale, a public limited company incorporated in France, acting through its Hong Kong branch, Mizuho Bank, Ltd and UBS AG, Singapore Branch remain as Mandated Lead Arrangers. Furthermore, Habib Bank Limited, Singapore Branch joined as a new Lead Arranger, while Krung Thai Bank Public Company Limited, Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch remain as Lead Arrangers. Sumitomo Mitsui Trust Bank, Limited Singapore Branch, Banque Internationale de Commerce - BRED (Suisse) SA, Commerzbank Aktiengesellschaft, Singapore Branch, National Bank of Fujairah PJSC and United Overseas Bank Limited remain as Arrangers, with BCP Bank (Mauritius) Ltd. joining as a new Arranger.

The Facility will support the Asian fuel oil business and incorporate new digital reporting tools Gunvor Singapore Pte. Ltd. (“Gunvor Singapore”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $600 million borrowing base facility (“Facility”) to support the working capital needs of its Asian fuel oil business. The Facility, which has a one-year tenure and an accordion feature, covers import finance and funding of inventory, receivables and hedging positions, and will use Komgo’s new innovative digital solution for monitoring and reporting. The Facility and Security agent is Natixis CIB, Singapore Branch. Other participating banks include ING Bank N.V. Singapore Branch, Credit Agricole Corporate and Investment Bank Singapore Branch, and Abu Dhabi Commercial Bank PJSC. Arab Banking Corporation B.S.C. Singapore branch, joined via accordion. For the first time in any of its facilities, Gunvor has appointed digital trade service provider Komgo to be Digital Agent on the Facility. Komgo’s solutions will be deployed for monitoring of inventory, receivables, liabilities and hedging, and will further provide a digital reporting tool to reduce manual operations while increasing transparency for lenders. This will help automate, simplify and authenticate reporting, ensuring greater transactional security. Gunvor is a key player in the fuel oil market in Singapore, a core industry in the South East Asian trading hub, and draws on the region’s sophisticated storage and shipping infrastructure for its blending and logistics activities. “The strong support Gunvor received from both its core banks and new ones underscores the important role the Company plays in the regional maritime and shipping industry,” said Melissa Widjaja, Head of Structured Trade Finance Asia-Pacific at Gunvor. “Gunvor will continue to grow and serve the growing logistics needs of the Asia-Pacific region.” “We are proud to be entrusted by Gunvor Singapore to lead this financing activity. Besides supporting our client’s growth and development in the regional maritime and shipping industry, we are happy to be part of this digital transformation of a conventional type of financing to reduce operational handling and reporting,” said L-Thanh Nguyen, Head of Global Trade, Asia Pacific, Natixis Corporate and Investment Banking. "This deployment is particularly important in Asia, where this type of financing is less common than in other regions," said Nicolas Djelalian, Managing Director, Komgo Asia. “We believe the transformation of how banks and corporates use data to communicate will bring tremendous value to the entire ecosystem, and we're excited to be at the forefront of this innovation.”

Gunvor Group, a leading independent trader of liquefied natural gas (LNG) worldwide, has renewed its syndicated borrowing base facility (the “Facility”) to support the working capital needs of the company’s growing LNG activities globally. The syndication launched at US $1.2 billion and was oversubscribed, with strong appetite from new lenders, including more than 20 banks from Europe, the Middle East, Africa, and Asia. Six new banks joined. The Facility has been correspondingly increased from US $1.135 billion to US $1.565 billion. The Facility, which was inaugurated last year, has been structured around Gunvor’s global LNG trade flows, including shipping activities, and will finance physical and derivative positions. As a part of the Facility, Gunvor has committed to CO2 carbon emissions reporting to establish transparency for the carbon footprint of the company’s LNG value chain. “The very strong interest this financing has received from such a diversified pool of lenders reflects the global nature of Gunvor’s LNG activity,” said Tawfik Sadfi, Head of Structured Trade Finance at Gunvor Group. “LNG has secured a place as strategic commodity for both the Energy Transition and energy security.” “The successful refinancing and increase of this Facility underscores the extent to which a growing number of banks recognize LNG as part of the mainstream commodities market,” said Gertjan Lagerwerf, Director Rabobank Trade & Commodity Finance - Energy. “LNG has an important role in assuring energy security for many countries amid the current challenging geopolitical circumstances.” Ludivine Labarre, Global Head of Trade Commodity Finance at Societe Generale, added: “This landmark LNG borrowing base Facility embodies the long-term strategic move of Gunvor to support LNG transitional commodities contributing to both low-carbon future and energy security. Gunvor’s clearly defined trading strategy and business model, hand-in-hand with its sustainability commitments, continue to attract market confidence while paving the way for new ESG commitments linked to LNG activity.” Gunvor continues to uphold its commitments to define and communicate all greenhouse gas emissions related to its LNG trades. The latest information is published in the company’s annual Sustainability & Ethics Report. Gunvor has previously announced commitments in the areas of environment, social, and governance (ESG) targeting a 40% reduction in the company’s Scope 1 and 2 emissions by 2025. For existing and new trading, dedicated programs are being established to manage emissions and environmental impact, while taking into account human rights considerations, in line with Gunvor’s commitment to the UNGPs on Business & Human Rights. Tracking and reporting of scope 1, 2, and 3 emissions related to the trading of LNG adds further to those commitments. Coöperatieve Rabobank U.A acted as the Lead Coordinator, Facility and Security Agent and Société Générale as Documentary Agent of the facility. Bookrunner & Mandated Lead Arranger

Coöperatieve Rabobank U.A
DBS Bank Ltd., London Branch (Singapore branch to add)
Oversea-Chinese Banking Corporation Limited
Natixis, Singapore Branch
Société Générale

Senior Mandated Lead Arranger

Abu Dhabi Commercial Bank PJSC
Industrial and Commercial Bank of China Limited, London Branch
ING Bank N.V., Amsterdam, Lancy / Geneva Branch
Qatar National Bank (Q.P.S.C.) Paris Branch
Mizuho Bank, Ltd.

Mandated Lead Arranger

Bank of China Limited
CA Indosuez (Switzerland) SA
Commercial Bank of Dubai PSC
SMBC Bank International plc

Arranger

Afrasia Bank Limited
Erste Group Bank AG
First Abu Dhabi Bank PJSC
Mashreqbank psc
Sumitomo Mitsui Trust Bank, Limited (London Branch)
The National Bank of Ras Al Khaimah (P.S.C)

Natural gas facility sees doubling of support from financing partners Gunvor Group (“Gunvor” or “the Company”) has successfully closed a EUR 570 million working capital transaction (the “Facility”), which consists of a syndicated, pan-European natural gas repo facility covering multiple jurisdictions in Europe with a shared security package. Eight banks supported the Facility, including four new lenders, enabling the arrangement to expand to cover eight eligible natural gas storage locations, up from three. “Thanks to a doubling of support from our banking partners, the flexibility and scope of this Facility increases considerably,” said Milos Spasic, Gunvor’s Head of STF Energy EMEA & Latam. “We’re now able to cover an expanded number of European storage facilities at a critical time in the market. This Facility remains unique to the market.” The renewal of the Facility allows Gunvor’s banking partners to participate in a natural gas financing structure with access to a robust security package based on a true sale transaction. This uniquely structured trade finance solution gives Gunvor the ability to secure, scale, and diversify access to competitive financing. The Facility was structured by Coöperatieve Rabobank U.A. (Rabobank) with its commodity trading subsidiary Brightfield Trading B.V. acting as “Grantor” and Gunvor acting as “Originator” and logistic agent. Rabobank acts as Coordinating Agent and Trustee of the facility as well as lead Participant. Other participants include CA Indosuez (Switzerland) SA; ING Bank N.V Amsterdam, Geneva branch; UBS Switzerland AG; Raiffeisen Bank International AG; Erste Group Bank AG; Die Sparkasse Bremen AG; and Mizuho Bank, Ltd. “Two years ago, Gunvor and Rabobank launched this transaction with the ambition to create an innovative working capital finance solution for Gunvor’s European natural gas activities that would be flexible, scalable, and cost competitive. Rabobank is delighted that we have been able to build on our excellent partnership to successfully expand the structure in both scale and in scope. Rabobank is committed to support its clients in the energy transition and has therefore developed a strong expertise in natural gas repo financing—supported by our lead counsel Norton Rose Fulbright LLP. Scaling up this first ever syndicated commodity repo structure during times of unprecedented market volatility is an outstanding achievement that all parties involved can be very proud of,” said Robin de Milliano, Senior Product Manager with Rabobank’s Structured Inventory Products. About Gunvor Group Gunvor is a leading participant in European and U.S. physical natural gas markets, performing wholesale trading with utilities and industrial customers. To support activities, Gunvor maintains a portfolio of investments—as well as medium- and long-term contracts and partnerships—in strategic assets, including in transportation, pipelines, storage, and regasification. Gunvor’s global market reach and advanced analytics enable the company to develop specialized transactions for customers, supported by top-tier risk management and trade finance services. Gunvor’s team also draws on the expertise of the company’s liquefied natural gas (LNG) team, the largest independent LNG trader worldwide, and is presently developing power trading to further complement operations. For more information, visit GunvorGroup.com. About Rabobank Group Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employed 43,272 per 31 December 2020. Rabobank Group is active in 38 countries. For more information about the Rabobank Group go to www.rabobank.com.

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