VAN LANSCHOT KEMPEN N.V 's-Hertogenbosch, the Netherlands, 5 July 2016
Van Lanschot has agreed to abide by the Netherlands' general recovery framework for interest rate derivatives clients, implying that it will offer courtesy payments. To pay for this, it expects to make additional provisions of €7 million to €9 million in the second quarter, which combined with previous provisions are expected to make up a total amount of approximately €11 million.
Up until 2013, Van Lanschot sold interest rate derivatives to its commercial clients as an alternative to fixed-rate loans, as part of its corporate lending. Both in terms of clients and interest rate swaps, the numbers were relatively small; and arrangements were typically customised, with only 'plain vanilla' interest rate swaps and interest rate caps sold to fit in with the loans supplied. Van Lanschot has agreed to the recovery framework to promote efficient handling of the derivatives issue for SME clients in the Netherlands.
As of 2014, Van Lanschot stopped selling new interest rate derivatives.
Media Relations: +31 20 354 45 85; mediarelations@vanlanschot.com
Investor Relations: +31 20 354 45 90; investorrelations@vanlanschot.com
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. Van Lanschot, a wealth manager operating under the Van Lanschot, Evi and Kempen & Co brand names, is active in Private Banking, Asset Management and Merchant Banking, with the aim of preserving and creating wealth for its clients. Van Lanschot NV is listed on Euronext Amsterdam.
Disclaimer and cautionary note on forward-looking statements
This document contains forward-looking statements on future events. These forward-looking statements are based on the current information and assumptions of Van Lanschot's management about known and unknown risks, developments and uncertainties. Forward-looking statements do not relate strictly to historical or current facts and are subject to risks, developments and uncertainties that by their very nature fall outside the control of Van Lanschot and its management. Actual results may differ considerably as a result of risks, developments and uncertainties relating to Van Lanschot's expectations regarding, but not limited to, estimates of income growth, costs, the macroeconomic and business climate, political and market trends, actions by supervisory and regulatory authorities and private entities, and changes in the law and taxation. Van Lanschot cautions that expectations are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information following new information or changes in policy, developments, expectations or other such factors.
The financial data included in this document have not been audited. This document does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not an opinion or a recommendation to perform or refrain from performing any action.
This document is a translation of the Dutch original and is provided as a courtesy only. In the event of any disparities, the Dutch version will prevail. No rights can be derived from the translated document.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Van Lanschot via Globenewswire
