Dutch co-operative Rabobank has announced plans to launch the first Internet-only bank in Belgium.
The stand-alone operation, which will be called Rabobank.be, will offer Belgian citizens a number of basic financial services, such as payment and savings accounts, fixed-term savings accounts and the opportunity to invest in twenty Robeco funds.
The Rabobank Group's director of international retail business, Pieter van der Weijden, says: "Setting up an internet bank in Belgium fits in well with our group strategy of adding international value to both our strength in retail distribution and our expertise in the field of virtual banking."
He describes the establishment of the Belgian operation as "the first step" in a plan to exploit Rabobank's virtual banking expertise internationally.