Van Lanschot sells banking activities on Curacao and trust company to United Bank & Trust

April 25, 2012 1:16 PM

's HERTOGENBOSCH, Netherlands - Van Lanschot 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 Van Lanschot's decision to concentrate its international private banking activities in Switzerland for quality and efficiency reasons, and from now on to serve clients with international wealth management needs from one central location. The transfer of the trust activities stems from Van Lanschot's more exclusive focus on private banking, as a result of which trust services are no longer considered to form part of the core activities.

With the acquisition of Van Lanschot Curacao and the trust activities in the Netherlands, Curacao and Jersey, United Bank & Trust is strengthening its position in international asset management and expanding its portfolio as an expert in trust activities. United Bank & Trust is using its own funds to purchase the shares. The acquisition will have virtually no impact on the solvency and liquidity of United Bank & Trust.

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.

Van Lanschot and United Bank & Trust intend to finalise the actual transfer on 31 May 2012. The acquisition is subject to the approval of the supervisory authorities.

(Source: VanLanschot via Thomson Reuters ONE)

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 offers high-quality financial services to high net-worth Individuals, entrepreneurs and their businesses and institutional investors. Van Lanschot NV is listed on Euronext Amsterdam.

United Bank & Trust is a financial services provider established in 2006. It forms part of the United Group which provides Corporate Services, Private Wealth and Trust Services, Fund Services, Environmental Markets, Risk Management and Marine & Aviation Services ( www.united-ibank.com , www.united-itrust.com ).