Rabobank CEO Bert Heemskerk is to retire in June after six years in the top job. He is being replaced by Piet Moerland, 59, who has had a 20 year career at the bank and has been a member of the board since 2003.

Also on Tuesday, Rabobank announced that its full year net profit would show modest growth. While its international operations had been affected by the credit crisis, it had benefited from turbulence in the Dutch local markets.
In particular, savings deposits rose by 20%, increasing its share of the savings market to 42%, the bank said. Loans to small and medium-sized firms were up 16%.
Rabobank, a cooperative bank, is not listed and has not received any government cash to help it through the economic crisis.