Amsterdam/'s-Hertogenbosch, the Netherlands, 19 February 2019
Today, Van Lanschot Kempen announced it has reached agreement on the sale to De Goudse Verzekeringen of its 49% stake in Van Lanschot Chabot | Mandema & Partners (VLCMP). This transaction fits in with Van Lanschot Kempen's strategic focus on wealth management, and is expected to be completed in the first half of 2019. It should generate a book profit of around €15 million, and possibly also come with a minor earn-out in the first half of 2020.
In 2017 and in the first half of 2018, VLCMP contributed -€0.4 million and €1.5 million respectively to Van Lanschot Kempen's net profit (IFRS). The sale has only a limited positive impact on the CET 1 ratio.
VLCMP is a Dutch intermediary in the field of risk management, absenteeism, pensions and private insurance, and also provides insurance solutions to Van Lanschot Kempen's private banking clients. VLCMP has developed well in the past few years and its 2016 takeover of Mandema & Partners has significantly enhanced its market position.
At this point, De Goudse Verzekeringen holds 51% of the shares in VLCMP, and it will own the company outright after the transaction completes. Van Lanschot Kempen and VLCMP will continue to collaborate on the services provided to private banking clients.
FINANCIAL CALENDAR
21 February 2019 Publication of 2018 annual figures
28 February 2019 Publication of 2018 annual report
24 April 2019 Publication of Q1 trading update
22 May 2019 Annual General Meeting
Media Relations: +31 20 354 45 85; mediarelations@vanlanschotkempen.com
Investor Relations: +31 20 354 45 90; investorrelations@vanlanschotkempen.com
About Van Lanschot Kempen
Van Lanschot Kempen, a wealth manager operating under the Van Lanschot, Evi and Kempen 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 Kempen, listed at Euronext Amsterdam, is the Netherlands' oldest independent financial services company with a history dating back to 1737.
vanlanschotkempen.com
Disclaimer and cautionary note on forward-looking statements
This press release provides information on Van Lanschot Kempen NV and Van Lanschot NV as meant in Articles 7 (1) up to and including (4) of EU Regulation 596/2014.
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 press release may contain forward-looking statements on future events and developments. These forward-looking statements are based on the current insights, information and assumptions of Van Lanschot Kempen'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 such risks, developments and uncertainties which by their very nature fall outside the control of Van Lanschot Kempen and its management.
Actual results, performances and circumstances may differ considerably from these forward-looking statements as a result of risks, developments and uncertainties relating to, but not limited to, (a) estimates of income growth, (b) costs, (c) the macroeconomic and business climate, (d) political and market trends, (e) interest rates and currency exchange rates, (f) behaviour of clients, competitors, investors and counterparties, (g) the implementation of Van Lanschot Kempen's strategy, (h) actions taken by supervisory and regulatory authorities and private entities, (i) changes in law and taxation, (j) changes in ownership that could affect the future availability of capital, and (k) changes in credit ratings.
Van Lanschot Kempen cautions that forward-looking statements in this press release are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information, whether as a result of new information or for any other reason.
The financial data in this press release are unaudited.
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 Kempen via Globenewswire
