Van Lanschot NV: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Van Lanschot NV Sells Banking Activities On Curacao And Trust Company To United Bank & Trust
Van Lanschot NV announced that it has reached agreement with United Bank & Trust on the sale of its banking activities on Curacao and its trust activities in the Netherlands, Curacao and Jersey. The sale is the result of the Company’s decision to concentrate its international private banking activities in Switzerland for quality and efficiency reasons, and to serve clients with international wealth management needs from one central location. The transfer of the trust activities stems from the Company’s focus on private banking, as a result of which trust services are no longer considered to form part of the core activities. The agreement between Van Lanschot and United Bank & Trust provides for the transfer of all employees of Van Lanschot Curacao (21 employees) and Trust (18 employees) to United Bank & Trust, with the aim that clients continue to be served as far as possible by the same employees. The Company and United Bank & Trust intend to finalize the actual transfer on May 31, 2012. The acquisition is subject to the approval of the supervisory authorities. Financial terms of the transaction were not disclosed.
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