This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Strong brand name in The Netherlands and Belgium, with a focused wealth management strategy. Modestly sized player in a competitive segment, in which scalability is critical. Strong capitalization. Business sensitive to market performance with structurally high operational and reputational risks, as is the case for wealth asset manager peers. Sound funding and liquidity position. Higher cost base than domestic peers but broadly in line with industry peers. Over the past decade, the bank has honed its business model as an almost pure wealth manager. It has seen steady growth in assets under management
