Consistent and conservative management Adequate asset quality, benefiting from a high proportion of secured lending Strong funding and liquidity position Sound capitalization Modest-size player in a competitive arena Limited geographic diversification Recent weak profitability and increasing market sensitivity of revenues The ratings on Netherlands-based private bank F. van Lanschot Bankiers N.V. (Van Lanschot) reflect its conservative management and adequate asset quality, together with a sound capital base and strong funding position. Its modest size in a competitive banking segment and the significant proportion of its earnings which is dependant on financial market conditions mitigate the positive factors. Although it has established a more conservative financial policy, the bank stands to incur additional losses from impairments in 2009, after it posted
