Rabobank moves into new, bigger central Auckland offices with prominent RaboDirect signage

Rural lender Rabobank is moving its Auckland operations into bigger, more high profile premises complete with naming rights, saying the move is necessary to accommodate growth.

Rabobank is taking naming rights to 2 Commerce Street, an office tower formerly known as Union House, near Britomart in downtown Auckland. The new "Rabobank Tower" will have rooftop signage for RaboDirect, the bank’s online retail banking arm. The branch will be headed up by Justin Cotter, Rabobank’s regional manager for food & agribusiness banking. Rabobank’s Auckland operations were previously based in Shortland Street's Forsyth Barr Tower.

Wellington-based New Zealand general manager Ben Russell said Rabobank's move to new expanded premises in Auckland was needed to support ongoing expansion in New Zealand with its national branch network now at 32.

“Rabobank’s specialised focus on the food and agribusiness sector – farmers, processors, middle-market enterprises and the corporate market – has seen the business undergo strong growth in the New Zealand market, which we expect to continue into the future,” Russell said.

"In its most recent Financial Institutions Performance Survey Review, KPMG noted that Rabobank accounted for nearly 65% of new lending to the New Zealand rural sector in 2010."

Meanwhile, the prominent rooftop signage in central Auckland provides a "fitting, highly-visible platform" to display the RaboDirect name across the Auckland skyline.

The shift to new Auckland premises follows the recent relocation of Rabobank’s New Zealand headquarters in Wellington to new offices in the Vodafone Tower on Lambton Quay.

Bert Bruggink, Rabobank's global CFO, recently told interest.co.nz that Rabobank aimed to continue raising significant amounts of money in New Zealand after raising NZ$750 million here so far this year with the bulk of it used to help fund the local operations.