...LONDON (S&P Global Ratings) Feb. 26, 2018--S&P Global Ratings said today that its ratings and outlook on NIBC Bank N.V. (NIBC; ###/Stable/A-2) are not immediately affected by the announcement of a potential initial public offering (IPO). The offering is expected to take place in the coming weeks, subject to market conditions. NIBC reported an improved set of financial results for the 12 months to Dec. 31, 2017, with net income up 54% to 213 million, return on equity of 11.9%, a reduction in its legacy commercial real estate exposures, and controlled growth of its loan book. NIBC's private equity (PE) ownership, which is uncommon for a commercial bank, is currently neutral for our credit assessment. NIBC Bank N.V. is currently owned by NIBC Holding N.V., itself owned by a consortium of investors led by PE firm JC Flowers & Co LLC since 2005. Despite previous support received from its owners, we do not factor any notches of group support in our ratings, reflecting, among other things, the...
