Vision, mission, strategy and objectives
Objectives
Operational objectives
Our objective for the Retail business unit is to retain our market leadership in online brokerage in the Netherlands and grow into the largest European full-service online bank for private investors. We plan to do this by improving our products and broadening our product range. Our extended product range will include additional services for investors, such as;
- online saving
- online advice and asset management
- deployment of our distributive power and
- an investment fund supermarket
Our ambition for the Professional Services business unit is to attain market leadership in services to asset managers in the Netherlands and Belgium, while growing our services to banks both by insourcing securities order execution, securities administration and securities-related payments (business process outsourcing) and by licensing software. We also intend to develop our presence in the securities transaction execution chain with our new best-execution services initiative.
Our strategy envisages expansion of our services within Europe.
Financial constraints on strategy
We seek to achieve steady growth in earnings per share while pursuing a very conservative capital policy.
The development of our earnings per share depends to some extent on developments on the financial markets. While this is a variable over which we essentially have no influence, we can reduce that dependence by focusing on variables we can affect, by growing our client base, applying rigorous cost control and broadening our product range and BPO services.
In difficult market conditions, we shall choose profitability support over short-term growth. Consequently, the marketing budget will be largely variable and will move with the financial results we achieve.
The objective in our capital policy is a solvency ratio of at least 15% and a secure liquidity position. Surplus capital will be returned to shareholders in dividend and via the share buy-back programme.
Targets
Our medium-term (2-4 years) targets are:
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Position as at 31 December 2008
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1.
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275,000 Dutch investment accounts
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202,787
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2.
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40,000 Belgian investment accounts
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22,486
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3.
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20,000 advice and asset management accounts
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8,136
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4.
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total savings deposits of € 1.5 billion
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€ 861 million
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5.
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total client assets of € 10 billion
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€ 6.1 billion
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6.
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break-even level in France
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