Strong capitalization. Sound funding and liquidity position. Focused strategy and conservative management. Modest-size player in a competitive, relatively niche, arena. High fixed-cost base and moderate pre-impairment profitability. Further way to go in the run-off of the commercial real estate (CRE) and midsize corporate loan portfolio. The stable outlook on F. van Lanschot Bankiers N.V. (Van Lanschot) primarily reflects Standard&Poor's Ratings Services' expectation of a continued decrease in Van Lanschot's credit costs from their peak in 2012-2013 and gradual medium-term improvement in its profitability from core operations, albeit to a still-moderate level. We also expect the bank's risk-adjusted capital (RAC) ratio before diversification will remain above 10% as a result of the winding down of the riskier CRE and
