The ratings on NIBC Bank N.V. reflect its sound capitalization and expertise in its niche corporate banking franchise. They also take into account the bank's track record of volatile profitability. The bank's conservative liquidity management somewhat mitigates its heavy reliance on wholesale funding. NIBC is a Netherlands-based corporate and merchant banking specialist, focused on mid-cap corporates in its core Dutch and German markets, and international lending to specific sectors. NIBC also originates residential mortgages in its two main core markets. NIBC Direct, the online retail deposit-gathering operations launched in The Netherlands and Germany over the past two years, had raised around €3.9 billion at end-June 2010. The bank is owned by NIBC Holding (not rated), itself owned by a consortium
