On July 21, 2004, Standard&Poor's Ratings Services affirmed all its ratings on F. van Lanschot Bankiers N.V. (Van Lanschot) and ING GROEP N.V. (ING) and related entities, including the 'A-/A-2' long- and short-term counterparty credit ratings on Van Lanschot and the 'A+/A-1' long- and short-term counterparty credit ratings on ING. The outlook on Van Lanschot is positive and that on ING is stable. This follows the announcement that Van Lanschot intends to enter into an agreement to acquire CenE Bankiers N.V. (CenE; not rated) from ING. The financial terms of the acquisition, which is expected to be completed by October 2004, have not been publicly disclosed. CenE is a Netherlands-based bank that specializes in the provision of private
