HERTOGENBOSCH, Netherlands, July 20, 2004 (PRIMEZONE) -- F. van Lanschot Bankiers NV (Van Lanschot) expects to reach agreement with ING Groep NV on the acquisition of CenE Bankiers NV in Utrecht. This proposed acquisition will greatly reinforce Van Lanschot's position as a bank for high net-worth individuals and family and other businesses. The transaction is expected to be completed in October 2004, subject to the approval of the various supervisory authorities.
Van Lanschot and CenE Bankiers both specialise in financial services to high net-worth individuals and family and other businesses. The services of both banks are characterised by personal client service founded on quality, flexibility and customised solutions. In acquiring CenE Bankiers, Van Lanschot will enjoy significant economies of scale and synergies as a result of the increase in the number of clients and the integration of accounting and support functions.
CenE Bankiers has specific expertise in healthcare and in specialised private banking areas, such as top sport, media, executives and professional practices. In the business banking segment, corporate finance for family businesses is another of the key specialist areas. CenE Bankiers will join a bank with a similar service approach and client positioning. The banking and insurance concepts of both banks are very similar.
No change in strategy
The strategy of Van Lanschot remains focused on providing services to high net-worth individuals (with income and/or freely disposable assets of at least (Eur) 100,000), family and other businesses and institutional investors. The proposed acquisition of CenE Bankiers is in line with Van Lanschot's aim of realising further expansion and higher margins by means of organic growth aided by selective acquisitions. The Bank attaches great importance to retaining its independence.
"CenE Bankiers is an excellent addition to Van Lanschot. The client profiles and culture of both banks are very similar. This will contribute to the future growth and therefore the independence of Van Lanschot. For clients, employees and shareholders alike, this proposed acquisition is a significant move", believes Floris Deckers, chairman of the Board of Managing Directors of Van Lanschot.
Clients
The acquisition will increase the number of private and corporate clients of Van Lanschot by some 16,000, a large number of which belong to the target groups of Van Lanschot. Once the proposed acquisition has been successfully completed, CenE Bankiers will be integrated in the Van Lanschot organisation. The clients of CenE Bankiers will then in due course be able to choose between using one of the 32 offices of Van Lanschot in the Netherlands or the office of CenE Bankiers in Utrecht.
The clients of Van Lanschot will continue to enjoy the high level of service, revolving, as before, around professional and personal service, flexibility, customised solutions and a wide range of banking and insurance products.
CenE Bankiers has a strong position mainly in the field of financial services to the healthcare sector. Advisory services to specialists, medical practices and hospitals will continue to be provided under the current CenE Bankiers name and will be further expanded.
Both Van Lanschot and CenE Bankiers have an insurance arm. These will also be combined, forming one of the largest independent insurance brokers in the Netherlands, offering a wide range of insurance products to private individuals and businesses. This service includes non-life, health, pension and loss-of-income insurance, as well as the insurance of art and other collections.
Organisation and employees
The management of CenE Bankiers supports the proposed acquisition. Once the acquisition is completed and advice obtained from the works councils, a start will be made as soon as possible to integrate the two organisations. The works councils and the trade unions, as well as the Dutch Central Bank, Euronext Amsterdam and the Social and Economic Council of the Netherlands have all been informed.
Key figures for 2003
(x Euro million)
Van Lanschot CenE Bankiers
Income 378.3 83.4
Net profit 106.6 19.4
Total assets 11,578 3,641
Employees approx. 1,800 approx. 400
Van Lanschot will publish its half-year figures for 2004 on 20 August 2004 (before opening of the stock exchange). The press conference will be held at the vanLanschottoren in 's-Hertogenbosch at 11.00 a.m.
's-Hertogenbosch, 20 July 2004
Annexe: profiles of Van Lanschot and CenE Bankiers
Press contacts Van Lanschot: J.A. Stein, Corporate Communication Manager Telephone +31 (0)73 548 33 50; +31 (0)6 53 67 36 87; fax +31 (0)73 548 32 04
Investor Relations Van Lanschot: A.J.J. Barens, Investor Relations Director Telephone +31 (0)73 548 30 96; fax +31 (0)73 548 32 04
Profile of Van Lanschot / F. van Lanschot Bankiers
Van Lanschot NV is the holding company of F. van Lanschot Bankiers NV, the oldest independent bank in the Netherlands, with a history dating back to 1737. The Bank focuses on three target groups: high net-worth individuals, medium-sized businesses (including family businesses) and institutional investors. Van Lanschot stands for high-quality services founded on integrated advice, personal service and customised solutions.
Van Lanschot has 32 branches in the Netherlands, offering a comprehensive package of banking and insurance services for private individuals and family and other businesses. In its other home market, Belgium, the Bank has eight branches. In addition, Van Lanschot has branches in Switzerland (2), Luxembourg and on Curacao and Jersey. Outside the Netherlands and Belgium, the Bank focuses almost entirely on high net-worth individuals. The Bank offers institutional investors and large corporations mainly specialised services in the fields of asset management, corporate finance for family businesses and treasury. The assets managed by Van Lanschot on behalf of third parties amounted to (Eur) 5.2 billion in 2003. The market capitalisation of the Bank is some (Eur) 1.1 billion.
Depositary receipts for Van Lanschot NV shares, representing 33.5% of the ordinary share capital, are traded on the Euronext Amsterdam Stock Market. The remaining shares are held by, among others, Friesland Bank NV, NIB Capital NV, Delta Lloyd NV, La Dou du Midi BV and Ducatus NV. No single shareholder holds a controlling interest, helping to safeguard Van Lanschot's independence and identity. Van Lanschot currently employs some 1,800 staff.
Profile of CenE Bankiers
CenE Bankiers is a medium-sized bank, specialising in financial services to entrepreneurs, such as directors/majority shareholders and their medium-sized and large businesses (including family businesses), professional practitioners and high net-worth individuals.
CenE Bankiers -- incorporated in 1922 -- has some 400 employees, who provide services to clients from one office in Utrecht. The Bank offers its clients a comprehensive range of services, comprising financial planning, securities advice and asset management, trust services and insurance. In 2003, invested assets amounted to (Eur) 1.2 billion.
The Bank has a particularly strong position in the healthcare sector. Furthermore, CenE Bankiers is one of the larger independent insurance brokers in the Netherlands. The Bank's strategy is founded on a product range integrating private banking, business banking and insurance.
The press release can be downloaded from the following link: http://hugin.info/133415/R/953385/135742.pdf