Rabobank executive speaks about Chile’s situation
Thos Gieskes, the general manager of Rabobank in Chile spoke yesterday with the Diario Financiero regarding the bank’s situation in Chile. According to Gieskes, due to Rabobank’s high credit rating (AAA classification in solvency) was left relatively unharmed from the collapse of liquidity throughout most of the financial market. However, since a significant percentage of the bank’s clients in Chile are in the salmon sector, the difficulties that the salmon industry is facing does concern Rabobank’s general manager. The [salmon] sector is going through a very difficult phase, mainly because of how hard ISA has hit the industry. Our analysis is that we will see a consolidation – as well as in other sectors – because when there is a less favorable economy there are those who do not want to or simply cannot continue, while others have the resources and the vision to continue. We will see companies that will be stronger than ever after the ISA crisis and the financial crisis subsides,” states Gieskes.
