Clearly defined medium-term strategy, focusing on the strong domestic franchise and food and agriculture business globally. Prioritization of long-term franchise growth over short-term returns, and good revenue predictability. Market-leading presence in the Netherlands, with strongly performing domestic residential mortgages. Continuing adaptation to regulatory challenges, in particular changes to the Basel framework. Like for European peers, persistently low interest rates put pressure on revenue generation. Higher reliance on wholesale funding than European peers. The positive outlook on Cooperatieve Rabobank (Rabobank) stems from the wider positive economic trend S&P Global Ratings sees for banks operating in the Netherlands. We believe the systemic risks posed by commercial real estate are abating and the gradual shift toward amortizing mortgages, combined with supportive property market
