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. Renewed pressure on asset quality, in line with peers. Standard&Poor's Ratings Services' outlook on private bank F. Van Lanschot Bankiers is stable, primarily reflecting our expectation that the bank should be able to maintain its strong capitalization despite the pressure on its operating environment. We could lower the ratings on Van Lanschot if we see signs that the bank's capitalization is weakening, leading us to revise our projected risk-adjusted capital (RAC) ratio to around 10% or less. We could raise the ratings if Van Lanschot's business position were to improve substantially, demonstrated among other
