The ratings on the Dutch banking group F. van Lanschot Bankiers N.V. (Van Lanschot) reflect its conservative management and good asset quality, together with its stable and solid earnings and capitalization. The ratings are constrained, however, by Van Lanschot's limited presence in its chosen markets and its narrow business diversification. Van Lanschot provides lending, asset management, and other financial services to high-net-worth individuals, midsize (largely family owned) businesses, and institutional investors. The franchise is long established, especially in the family business sector. With total assets of €11.8 billion at mid-year 2003, Van Lanschot is the sixth-largest banking group in The Netherlands. Its activities are primarily Netherlands-based, although there are significant private banking operations in Belgium. These two countries constitute Van
