Conservative management. Sound funding and liquidity position. Strong capitalization. Modest-size player in a competitive, relatively niche, arena. High fixed-cost base and moderate pre-impairment profitability. Signs of renewed pressure on asset quality. Standard&Poor's Ratings Services' outlook on Netherlands-based private bank F. Van Lanschot Bankiers is stable, reflecting our expectation that Van Lanschot should be in position to defend its niche franchise and maintain a strong capital position, even in the event of continued uncertain economic conditions domestically. We could lower the ratings if we see signs of protracted further deterioration in the bank's asset quality, leading us to revise our assessment of its risk position to "moderate" from "adequate". We could also take a similar action if we were
