Dutch lender Rabobank plans to cut more than 1,200 jobs in areas such as IT at its head office, seeking cost savings of €219 million over the next two years.

Unlike its main Dutch rivals ABN AMRO and ING Group, Rabobank did not need state aid during the 2008 credit crisis, did not make a loss, and is one of the few banks with a triple A credit rating.

However, Rabobank, which employs some 59,000 people worldwide, said it wanted to improve efficiency at its Utrecht headquarters, which has been extended with a new complex.