Van Lanschot to review strategy after major loss
AMSTERDAM, March 8
AMSTERDAM, March 8 (Reuters) - Private Dutch bank Van Lanschot on Friday announced a strategy review to boost profit after swinging to a larger than expected net loss of 155.4 million euros.
Three analysts in a poll commissioned by Reuters expected a net loss between 122 and 145 million euros after Van Lanschot said in December it would take a 122 million euro charge on goodwill and other assets.
Van Lanschot, which is suffering from higher bad debt costs due to the recession in its home market the Netherlands, made a profit of 43.1 million euros in 2011.
"We are not satisfied with the current profitability. We are therefore undertaking a strategic review aimed at supporting our ambition of positioning Van Lanschot as a strong, independent private bank," Van Lanschot Chief Executive Karl Guha said in a statement.