The ratings on F. van Lanschot Bankiers N.V. (Van Lanschot) reflect its conservative management and solid asset quality, together with a sound capital base and strong funding position. Offsetting these factors is its modest size in a competitive banking segment. Van Lanschot provides a range of lending, asset management, and other financial services to high-net-worth individuals, midsize--largely family owned--businesses, and health care-related businesses. Van Lanschot is the oldest independent bank in the Netherlands, and with total assets of €21.7 billion, it is the sixth largest in Dutch retail banking. Activities are largely based in the Netherlands, although the bank also has private banking operations in Belgium and Switzerland. Van Lanschot's business position has been expanded through recent acquisitions: the 2007
