Forum Archive Index - December 2003

[Rodney Paterson <rod.paterson@paradise.net.nz>]

Title: Hi Snoopy,

Hi Snoopy,

I haven’t given up my day job yet so apologies for the delay in replying.

>How have you found the service at Rabobank?     What would it take 

>for WRI to 'win you back' as a finance customer?

Service at Rabobank has been very good! There interest is slightly higher, that’s on seasonal account.

However the only fee paid is a cheque book fee, which is small $30.00

They also offer an atm type card which can be used as often as one likes without any charges!

In my experience, the thing about any bank is that it takes time to build up goodwill and trust on both sides,

And at the end of the day this is bankable imo,so I will be sticking with Rabo.

>"internet banking, forward exchange cover and flexibility if things go 

>wrong."

>I take it Rabobank offers this.    I thought that 'forward exchange cover' 

>was part of the Wrightson's 'Solutions Strategy'?    Accordingly I 

>thought they might be more sympahetic if 'things go wrong' too?   

>Perhaps I am reading too much into the PR spin in the WRI annual 

>report?

No Rabo don’t offer internet banking as yet but it is coming, there forward exchange cover

Is through an option, which I haven’t pursued.I am currently looking at trading fx myself and not using 

Bank products.

 I did some research, and found that Wri are not offering forward exchange as such, to their clients,

But have done very well out of it themselves so maybe that is what they are referring to in their 

Solutions strategies.

>Do you feel the existing big four banks (ANZ/National, BNZ, Westpac 

>and ASB ) are in the hunt in offering anywhere near a competitive 

>service?

Snoopy imho the National bank are way ahead of the competition, they have excellent rural managers, fx forward contracts, internet banking, will look at anything if it stacks up, and great personnel on the ground. Sources tell

Me that it is a reverse take over in the rural sector with ANZ.  

>Until recently deposits went into the Wri office over the

> counter and they would bank them, so they WRI and rabo were working

> together sharing the same building, computers etc, and as was

> correctly stated on sharechat last week this period is over. Rabo are

> moving out into new premises and they informed me that Wrightsons 

>were now the opposition. 

>

>That is very interesting.   A giant European Bank quaking in their boots 

>at the emergence of WRI as a competitor?

No I don’t think Rabo are quaking in their boots just business is business

>I know that WRI have an internet presence via an on-line store, so 

>maybe on line banking is not too much of a leap for them to make?   

>MD Allan Freeth is a finance man, so they probably couldn't have 

>anyone better at the helm if WRI want to get back into finance.

Yes Wri is a good firm, and they are doing some seasonal finance, I don’t 

Know if they intend to get into fixed loans, but as you point out, with

Allan Freeth there, it might be case of, not if, but when!

>The high $NZ ( vs US) must be a worry, although with the NZ interest 

>rates now below those available in Australia. perhaps NZ farmers will 

>see some relief in this area?    At least for once, the weather seems to 

>be behaving itself all over the country.

Yes the weather has been kind to us. Currently in the states 95 cl beef

(Bull beef) is at a 9 year high and we are getting paid very similar to last year

From the works, so with Canada and Aussy having a hard time of it lately, demand in the U.S. is good at

$1.20 a pound.

I don’t know what percentage Wri gain off sale yard commission but will be to their advantage that prices haven’t 

Fallen away dramatically.

Rod.p

 

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